Tag Archives: audit

Business, IT Services, Technology

Quantum Advisory achieves exception free AAF 01/20 audit for ninth consecutive year

Quantum Advisory, the leading independent employee benefits consultancy, today announced it has achieved an exception-free AAF audit for the ninth consecutive year.

 

The AAF 01/20 audit, conducted in line with the framework set by the Institute of Chartered Accountants in England and Wales (ICAEW), provides independent assurance that service providers have robust controls in place to safeguard client data and operations. It underlines an organisation’s focus on quality, governance and operational integrity.

 

Jemma Jurgenson, Head of Administration at Quantum Advisory, commented: “Nine consecutive years of exception-free audits is an amazing achievement and one we’re really proud of. It highlights the strength of our internal controls and demonstrates our commitment to continuous improvement and operational efficiency. The result is a testament to the hard work, dedication, and focus of our entire team who continually strive to deliver the highest standards of service and member satisfaction.”

 

Chris Heirene, Partner and Head of IT at Quantum Advisory, added: “We take a proactive approach to risk management, ensuring that our security, compliance, and service delivery remain resilient and future-proof. This independent validation reinforces that our commitment to best practice is not just something we say, but something we consistently achieve. It is this consistency that sets us apart and reinforces the trust our clients place in us.”

 

This year’s audit assessed 33 control objectives and 119 control activities across Quantum Advisory’s administration and IT functions, with no exceptions recorded.

Accountancy & Accounts, News

HURST unveils ambitious plans to double in size

Independent accounting and business advisory firm HURST has unveiled plans to double in size amid rapid expansion across the practice.

In the 12 months to March 31 2024, HURST increased fee income by 13.5 per cent from £7.9m to £9m, and is on track to exceed £11m in its latest financial year.

HURST is aiming to become a £20m-turnover practice in 2028, fuelled by a growing national client base, extensive recruitment and new service lines to support its ambitions, alongside a multimillion-pound investment in technology.

The firm moved its headquarters last spring to a flagship development in Stockport to accommodate its growing team, which includes an increasing number of recruits from larger firms across the UK.

Its relocation to 3 Stockport Exchange, where it occupies 11,000sq ft, has paved the way for the firm to expand from 120 staff to around 170 over the next few years.

HURST focuses on advising entrepreneurial owner-managed businesses across all sectors. Clients include S.J.M Concerts, Kinaxia Logistics, M&I Materials, Beechfield Brands, Duerr’s, Oliver Valves, Lancashire County Cricket Club, Krones UK, Creamline Dairies, Scapa Group and Hyde Group

During the current financial year, HURST has launched a private client tax service headed by partner Karen Chadwick to enhance its offering to business owners, entrepreneurs and high net worth individuals. It has also recently launched a dedicated corporate tax compliance service headed by Ellen Feetum.

Other highlights of the financial year to date include:

  • Recognition from Great Place to Work as one of the UK’s best workplaces in consulting and professional services, reaffirming HURST’s commitment to fostering a positive culture;
  • The launch of HURST Corporate Finance as a standalone brand with a dedicated website. HURST Corporate Finance has its strongest-ever deals pipeline;
  • Significant client wins, including Metalor Technologies, beauty brand REFY, the Rugby Football League and Green Part Specialists, reflecting HURST’s growing reputation as a trusted adviser to mid-market businesses across the UK;
  • Investing to make greater use of AI-driven digital platforms to enhance data management, improve resource planning and deliver greater efficiency to clients.

Outlining HURST’s ambitious plans, managing partner Tim Potter said the firm has a strong platform to build on to achieve its goals.

“We have good, solid foundations from which to propel our growth in a measured way,” he said.

“This involves continuing to focus on providing a genuinely caring and friendly service and excellent value to our growing client base, ensuring they have a pleasant experience with us by obtaining sound commercial advice to help them achieve their goals, together with the technical abilities of our team.

“At the same time, the essence of our firm is a great culture. Looking after our people really well so they are inspired and motivated to achieve success for our clients is key to our ethos.

“This combination is helping us to win more business nationally, although our focus remains on the north west.

“In the north west alone, we act for businesses with a combined turnover of £10bn as we continue to expand our client base. The region has a thriving business community and is a vibrant area of entrepreneurship and innovation.

“There is plenty of scope for further expansion for HURST both in the north west and beyond.”

Tim added: “Over the past 12 months we have invested in the business on a significant scale, with our new offices, key appointments, new service lines and by embedding new technologies within the firm, including AI-driven digital platforms.

“This programme will continue to enable us to further enhance our service offering. We have also stepped up our leadership training provision with a global provider to nurture the next generation of senior leaders, and will be launching a bespoke proposition to help clients integrate and develop their AI offering within their businesses, and adding further service lines.

“The practice remains buoyant and confident for the future. With our continued investment in talent, technology and service innovation, we are well-placed to deliver sustainable growth and create exciting opportunities for our people and clients alike.”

News

Diligent finds 32% of UK Directors feel Regulatory Compliance is the biggest organisational challenge

Diligent finds 32% of UK organisations feel regulatory compliance is the biggest challenge their company currently faces, with only a quarter feeling confident they have the right technology in place to overcome it.

With the new UK Audit and Corporate Governance Reform set to come into play, new data shows a growing number of UK businesses are concerned about how to meet these new auditing requirements and other regulatory compliance rules coming into force. Technology will be integral to enable companies to meet these new regimes, but interestingly, many UK companies lack internal or external capabilities to achieve this.

The UK government recently announced details of its new corporate governance reform which goes beyond what was previously referred to as “UK SOX”. This will place substantial new reporting requirements on directors and require top officials to attest a company’s internal controls are robust enough to ensure financial statements are reliable and protected against fraudulent or predatory practices.

Christopher Mills, Regional Sales Director at Diligent, said: “This is a challenging time for UK businesses, however there are many benefits to come from the implementation of this audit reform. With the right support and guidance, organisations can feel more confident in being able to comply with the new regulatory guidelines and make the industry a safer and secure market to do business.

Despite no set date on the introduction of the UK Audit & Corporate Governance Reform, it is never too early for organisations to invest in technology to create a robust financial controls framework and programme. Although the effort involved is often chronically underestimated, the introduction of technology can be implemented by partners in the timeframe required, if support is harnessed. Basically, think about preparing now, so when the bell goes, your company is one step ahead.”

Research gathered from 34 Directors of UK companies at the Diligent Inside Track on Modern Governance Event, held in London in October 2022.

News

Grant Thornton names new Thames Valley and Southampton Practice Leader

Leading business and financial adviser Grant Thornton UK LLP has appointed Norman Armstrong as its new Practice Leader in the Thames Valley and Southampton region.

In his new role, Norman will be responsible for leading and developing Grant Thornton’s regional team of more than 350 people based across the firm’s Reading, Southampton and Oxford offices.

Jim Rogers, the previous practice leader in this region, will retain ownership of local market focused activities in the Thames Valley and Southampton.

An audit partner at Grant Thornton, Norman brings more than 25 years of experience to the role. During this time, he has worked extensively across the South of England, supporting a variety of business types in numerous sectors to achieve their strategic goals and growth objectives.

Norman’s other key responsibilities include being on the Partner Governance Board for Grant Thornton, national leadership of the firm’s focus on Audit and Assurance services for private equity backed clients and leading the Audit team of over 170 people across the Thames Valley and Southampton.

Norman Armstrong, Practice Leader for Grant Thornton in the Thames Valley and Southampton, said: “Being a people driven business, we’re exceptionally proud of the high quality, multidisciplinary team that has been built up across the Thames Valley and Southampton area, which has proven time and time again that it is ideally suited to helping the region’s businesses achieve their goals.

“We have invested in new locations in Reading and Oxford this year and are ambitious about further developing our teams across our offices. I’m looking forward to hitting some impressive growth milestones over the next year! The strong and supportive culture at Grant Thornton is an important factor of our success. This is exemplified by our three modern offices which are designed to facilitate agile and hybrid working practises that best suit the needs of our team members.

“While there are many pressures facing businesses today, ranging from inflation, the cost-of-living crisis, supply chain issues and more, the dynamic nature of the Thames Valley and Southampton market means there are a lot of interesting, creative and entrepreneurial activities going on. Tech and ESG focused firms are particularly in the spotlight, but we’re seeing growth and demand across a variety of sectors. This breadth of opportunities and support requirements means it’s an exciting area to work in and thanks to the wealth of disciplines within our team we can support them with whatever advice, guidance or information they require.”

News

HURST scores with National Football Museum

The National Football Museum has appointed accounting and business advisory firm HURST to provide audit and tax services following a competitive tender.

The museum is the latest addition to a growing roster of sports, leisure and not-for-profit sector clients for HURST.

It already counts Lancashire County Cricket Club, Super League Europe, Chill Factore, the Royal Exchange Theatre Company, Manchester Art Gallery and Life Leisure among its client base in these sectors.

The HURST specialists acting for the museum include Helen Besant-Roberts and Greg Wilson of the firm’s business services team.

The National Football Museum spans seven floors of the Urbis building in Manchester city centre and includes a number of event spaces to hire.

It attracts nearly 200,000 visitors a year from around the UK and overseas, and its highlights include a Hall of Fame, trophies, exhibitions, artefacts, interactive games and an educational space for schools and other groups.

Housing the largest accredited collection of football memorabilia in the world, it holds 140,000 items, with 2,500 on display at any one time.

Its collection includes both of the balls used in the first World Cup Final in 1930, the ball from the 1966 World Cup Final and the replica of the Jules Rimet Trophy, which was made in secret by the Football Association after the original was stolen and was paraded by the England players after their victory over West Germany.

There is also a range of memorabilia from footballing legends such as George Best, Diego Maradona and Pelé, including international caps and medals, as well as the original rules of Association Football written when the FA was formed in 1863.

The Hall of Fame is supported by the Professional Footballers’ Association and celebrates the achievements of those who have made an outstanding contribution to the game, on and off the pitch. Recent inductees include Terry Butcher, Paul Ince, Justin Fashanu, Carol Thomas and Walter Tull.

Helen Besant-Roberts said: “We are delighted to be teaming up with the National Football Museum. Football is of immense national cultural and historical significance and we are excited to be able to play a part in helping the museum to share everything that is great about the sport.

“Using our experience, we will support the museum in the next phase of its development, through deployment of our specialist charity accounting and tax team and our digital enablement service.”

Tim Desmond, chief executive of the National Football Museum, said: “We’re excited to move into 2022 with HURST, who align perfectly with our aims for the museum.

“They have shown a real passion for what we do, and we look forward to working together to engage an increased and wider diversity of visitors to our exhibitions and online.”