The importance of audit and assurance for large companies

For large businesses, managing finances involves more than simply following the rules.

It is about staying updated with changing laws, reducing risks, and using financial insights to support growth.

The 2024 Autumn Budget introduced changes that have an impact on larger companies, making reliable audit and assurance services more important than ever.

We specialise in advising companies, helping them not only comply with these new measures but also use them to optimise operations and achieve long-term success.

Let’s explore why the Budget changes make audit and assurance essential for your business and how they can create value

Employer National Insurance Contributions and payroll management

The increase in employer National Insurance Contributions (NICs) (rising to 15 per cent from April 2025) is one of the most significant changes for large companies.

This, combined with a reduction in the NIC threshold, will increase payroll liabilities, particularly for businesses with substantial workforces.

For many companies, this requires adjustments to payroll systems, cash flow management, and financial forecasting.

We can assist by advising on different ways to remunerate your employees that are more tax efficient for both you and your staff by the use of for example, salary sacrifice arrangements.

In addition, assurance services can ensure your payroll processes are accurate and compliant with these changes.

Sector-specific impacts

The Budget outlined substantial investments in transport, housing, and renewable energy infrastructure.

While these changes are an opportunity for some companies, they also highlight the importance of compliance and risk management for businesses operating in these sectors.

Ensure your financial controls align with new opportunities and reporting standards.

For companies regulated in these industries, assurance services can help monitor project budgets and regulatory compliance.

Long-term planning with Corporation Tax certainty

The Budget confirmed the Corporation Tax cap of 25 per cent, providing stability for long-term planning.

For larger companies, this is an opportunity to build more accurate financial forecasts and align operational strategies with predictable tax rates.

Assurance services can help you review your tax strategies and ensure they support your business goals.

Strengthening financial controls

With rising costs and regulatory scrutiny, maintaining strong financial controls is important.

Our audit and assurance services team will review your internal processes, providing confidence that your systems can withstand the pressures of new compliance requirements.

Conduct regular audits to identify inefficiencies or gaps in controls, particularly in areas like payments processing, payroll, and tax compliance.

Supporting strategic decision-making

Audit and assurance processes can uncover valuable opportunities.

From tapping into industry-specific incentives to finding ways to cut costs and handle rising expenses, a thorough audit provides insights that make a real difference.

Navigating the changes introduced in the Budget can feel overwhelming, but with the right support, it is an opportunity to strengthen your financial operations and drive growth.

Contact us today to find out how we can help your business adapt to the latest financial changes.

Posted in News.