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Experience Level: Expert

The Director and Company Secretary of x company also own, and are Directors / Company Secretaries of y companies (there may also be other Companies or trading names that they are using) all of which have a similar Raison d%u2019etre as x company

A conflict of interest exists and there is already evidence of funds and activity being diverted to these other companies with the consequential loss to our company.

X company is the trading company whilst z company is a dormant company. Company turnover is less than £60k

Due to this Director not submitting accounts for a 2 year period x company was struck off and we had to trade as a non limited company. The accountant and I resolved this issue and had the company reinstated. You need to be aware of this but it is not part of the investigation


The purpose of the audit is to establish the extent of any conflict in terms of both its direct and consequential impact on financial (and possible operational) issues.


To initially look at the last 4 years accounts and supporting documentation to specifically but not wholly concentrate on looking for:

%u2022 Evidence of funds being diverted or delayed being paid into our bank account(s).
%u2022 Evidence that they have used other bank accounts to process funds destined for our bank account.
%u2022 Evidence that proceeds from the Sale of Beach Huts, Commission on the Sale of Beach Huts and or Rental Income has been diverted away from us.
%u2022 Small sample check of Beach Hut Sales to confirm that the sales price realised agrees to the bank credit and that payments have not been diverted
%u2022 Small sample check of commission payments (as above)
%u2022 Company X being invoiced for services by any of their other companies.
%u2022 Evidence pf payments / costs being passed between the two companies
%u2022 Their personal expenses to be looked at in terms of their other companies activities
%u2022 Any evidence of funds being diverted to reduce tax liabilities

Audit Requirement

Amount of Time
%u2022 Two days to inspect accounts and supporting evidence
%u2022 Possible 1 day for further investigation
%u2022 1 day for Report
%u2022 Location Surrey / Sussex

%u2022 covering the points in the requirement section above
%u2022 collating financial loss to X company
%u2022 highlighting any Consequential losses
%u2022 providing evidence of any funds being diverted to reduce tax liabilities
%u2022 with recommendations if corrective action needs to be taken

Auditor Experience
%u2022 Previous experience of conducting this kind of audit
%u2022 Possible need to provide a reference


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