Family Financial Matters
Bringing financial information into a clearer view.
The financial context
Financial records may need to be organised to understand interests in businesses, income or the movement of assets. Any analysis should explain the source of the information, its completeness and the limits of what can be inferred.
Questions that shape the review
Which financial interests need explanation?
Define the relevant business interests, income sources, periods and available records.
What can be established from the evidence?
Distinguish documented information from estimates and explain the effect of missing material.
From information to an explanation
The work should connect the source material to the question being considered. Differences in definitions, periods or assumptions need to be made visible, together with the effect of any missing records.
The resulting explanation should distinguish what is documented, what depends on judgement and what remains uncertain. Its form and level of detail depend on the agreed purpose.
A question of suitability
The practice’s relevant experience, independence and the information available must be confirmed before any engagement. The purpose, scope and reporting requirements are agreed before analysis begins.
Discuss the financial question.
Start with the background, the relevant period and what you need to understand.
Discuss an enquiry