Statutory Audit Services
The annual statutory audit is often seen by management as being a necessary cost and exercise with little or no benefit to the organisation other than statutory compliance. However, at Hartley Fowler we have taken great strides to dispel that notion. We provide accounting and auditing services in London and Brighton that can add tangible value to your business.
Why Choose Our Statutory Audit Services?
There are many reasons why you should entrust your annual statutory audit to us:
- We are registered auditors – each statutory audit is carried out in accordance with clarified International Auditing Standards (UK and Ireland)
- Our qualified team approaches statutory audit work with an aim of causing minimal disruption during the process
- We take time to review and document your internal control system, identify any potential weaknesses and offer our recommendations, if necessary, in a management letter at the end of the statutory audit.
- Outstanding Accounting and Auditing Services
- We pride ourselves on the quality and efficiency of our statutory audit services. Our files and systems are reviewed regularly by external monitoring agencies to maintain our high standards.
We recognise that well-organised businesses require prompt reporting to management and shareholders. Once a timescale has been agreed with management, we will ensure that this deadline is met. We have, in the past, been set some extremely tight reporting deadlines by Foreign Holding Companies of our UK subsidiary clients and we have always delivered statutory audit work on time.
Next Step: Call our Statutory Audit Services Team
Looking for support with your annual statutory audit? If you have any questions regarding outsourcing your audit services, please call us today. Alternatively, book a free initial consultation with one of our experts.
FAQs
A statutory audit is a mandated review that assesses the precision of a company’s financial statements and records in accordance with legal requirements.
A statutory audit assesses whether an organisation’s financial statements accurately reflect a true and fair representation of its financial performance and position, offering crucial and valuable insight. Compliance is essential to avoid penalties and legal consequences.
A statutory audit is a legal requirement, performed at the year-end to create an opinion of the company’s financial statement. In contrast, an external audit is conducted at the request of an organisation by an independent auditor. Its purpose is to provide an unbiased assessment of the financial statements and the overall financial health of the organisation.
Yes. If you’re a private limited company that meets certain requirements, a statutory audit is a legal requirement.
In the UK, most private companies will be legally required to undertake a statutory audit if they have two of the following:
*Over £10.2 million in turnover
*Assets in excess of £5.1 million
*More than 50 employees.
A statutory audit is a general audit of a company’s financial records, whereas a tax audit is solely related to an organisation’s tax records. The tax audit will review your tax return records, ensuring they’re correct. This is usually conducted by a chartered accountant and can be requested by HMRC every six years.