We appreciate that financial compliance is a necessary evil but our experienced team understand the operation of a motor trade business and therefore ensure the audit process is run smoothly with minimal disruption to everyday operation. As part of this process ASE will work with you to ensure that areas of risk are identified and opportunities for profit maximisation are highlighted.
Our aim is to provide the highest level of advice and risk assurance, and the lowest level of disruption to your operation.
ASE were appointed as auditor to a small Skoda dealer. From its first full year of trading, our audit work raised concerns; whilst we gave a clean audit report, the accounts were prepared on a 'going concern basis' dependent on a letter of comfort from related group companies (which we disclosed in the notes).
In the following year, our audit opinion contained both a disclaimer of opinion, highlighting that we were not comfortable with the inter-company reconciliations and an emphasis of matter, due to the negative net worth of the business and the going concern basis adopted by the director in preparing the accounts. The dealership has subsequently gone into administration, proving our concerns were well-founded.