Our costs for statutory audit assignments will largely depend on the size and complexity of the company. As a result of this fees can range anywhere from £1,750 to £10,000 + per company.
As no two companies are the same please contact us for a tailored fixed quote based on your business.
What is an audit?
The purpose of a statutory audit is the same as the purpose of any other type of audit: to determine whether an organisation is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.
Who needs a statutory audit?
Most private limited companies are exempt from an audit if they have turnover of less than £10.2 million and assets worth no more than £5.1 million, although there are further conditions which must be met which can be found here: https://www.gov.uk/audit-exemptions-for-private-limited-companies.
There are also special rules for group companies so it is important to be certain that your company meets the audit exemption criteria.
Charities will require an audit if their income is above £1 million in any given year, see further information on your charities page or at HMRC: https://www.gov.uk/government/news/changes-to-audit-thresholds-to-help-charities-come-into-force
What's the service?
A full audit of your financial statements.
To undertake audit assignments within the UK you have to be registered to do so (you can view our registration here).
The audit process involves, but is not limited to, the following:
Obtaining all necessary information about the company, trading environment, customers, suppliers, owners, related parties, stakeholders, bankers, professional advisers etc.
Performing a risk assessment on the entity and it's financial statements to identify key audit areas (e.g. for a retail shop, stock would be a key area).
Assessing a reasonable level of financial immateriality.
Performing checks on samples of different transactions.
Confirming assets and liabilities are correctly valued in accordance with accounting standards.
Obtaining sufficient and appropriate audit evidence to back up our conclusions.
Ensuring all required disclosures are contained within the financial statements.
Drafting our audit report.
We are regulated by the ACCA for audit purposes. This ensures we maintain the highest possible standards on all of our audit assignments.