Statutory Audit

Your business may be legally required to have a statutory audit of its’ financial statements.

The statutory audit threshold from 1 January 2017 applies if your business exceeds two out of the three of the criteria below:

• Turnover more than £10.2 million
• Gross assets greater than £5.1 million
• More than 50 employees

If it does then an audit is mandatory.

In addition to this there are more complex rules surrounding companies that are members of a larger group or for businesses with a period that is not exactly 12 months.

Specialist audits are also subject to different rules such as charities, academies, FCA regulated businesses, pension schemes and solicitors.

Find out more about our specialist audits and reviews

Even if your business is exempt from audit you may choose to have an audit voluntarily if you or your shareholders want the benefits of an audit.

Why have an audit?

An audit should not just be seen as a compliance based service, there are a number of benefits to having an audit, including:

• Added credibility if you are looking to sell your business
• Lenders take comfort from seeing a clean audit report from a reputable firm
• Provides an independent review of your systems and controls
• Peace of mind that your financials give a true representation of the businesses financial position

If your business is not required to have an audit, you can see the benefits but don’t want the added cost of a full audit why not speak to us about one of our tailored assurance reviews

Our service to you

We want you to value the audit service we deliver and for this service to be the cornerstone of our relationship with you and your business. For this reason, creating value is core to our audit approach, to ensure we deliver this our clients can expect:

• A partner led service with access to our specialist teams
• An audit team that understands your sector and the key risks to your business
• Regular dialogue throughout the year so that we can help the businesses proactively rather than re-actively

We seek to balance the compliance requirements with outstanding client service and value for money so that the audit is of benefit to your business.

Our dedicated audit team, which numbers over 40 staff across our offices, has an internally tailored approach which ensures we can work with you to minimise the disruption to your business whilst still delivering a value add compliant audit.

More:

• Audit and accountancy
• Specialist audits and reviews
• Assurance reports
• Accounts preparation