Audit has a reputation for being costly and painful, and for many smaller companies it is not even required. Our starting point is to work out what you genuinely need, a full statutory audit, a lighter form of assurance, or neither, and then deliver it efficiently and without the drama.
Do you actually need an audit?
Most small UK companies are exempt from statutory audit. Broadly, a company can usually claim exemption if it meets the small company size conditions, measured against thresholds for turnover, balance sheet total and number of employees. An audit becomes compulsory once a company goes beyond those thresholds, or where its articles, its shareholders or a regulator require one.
Because those thresholds and conditions change and depend on your particular circumstances, including group membership and sector, we check your position against the current rules and GOV.UK guidance rather than assume. If you are exempt, we will say so. There is no sense in auditing something that does not need it.
What we offer
Statutory audit
A full audit and opinion for companies that are required to have one.
Assurance reviews
A lighter review that gives limited assurance over your figures.
Independent examination
For charities and smaller entities where this is the appropriate check.
Audit readiness
Getting your systems and records in shape ahead of a first audit.
Controls review
An honest look at where your financial controls could be stronger.
Grant & funder reporting
Agreed-upon procedures where a funder requires specific checks.
When is an audit or assurance required?
The need is driven as much by your stakeholders as by the law. You may require an audit or assurance if:
- Your company has grown beyond the small company audit exemption thresholds
- Your articles of association or your shareholders require an audit
- A bank, investor or funder has asked for audited or independently reviewed figures
- You are a charity or group company subject to specific requirements
- You are preparing for a sale or a raise and want credible, scrutinised numbers
More than a tick-box exercise
A good audit does more than satisfy a filing requirement. The process tests how your figures are put together and often brings weaknesses in systems, controls or record keeping to the surface, the kind worth fixing. We treat that as part of the value: you get the opinion you need, plus practical observations on how to run a tighter, better-controlled business.
How an engagement works
Scope and plan
We confirm whether an audit is required or assurance is more appropriate, then plan the work around your year end.
Fieldwork
We test and verify your figures, keeping our requests focused and the disruption to a minimum.
Report and recommend
We issue the opinion or report and set out any findings on your controls and processes in plain terms.
Audit and assurance for North East organisations
We support companies, groups and other organisations across Newcastle and the North East, whether a growing business facing its first audit or an exempt company that simply wants confidence in its figures. Where an audit is not required, our limited company accounts and management accounts services keep your reporting in good order year round.