Audit
Do you know why you need an audit or why you should have one?
The main reasons why you will be required by law to have a statutory audit are...
- You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these)
- You are required by your professional or trade organisation to have your accounts audited
- Your shareholders do not agree to opting out of the audit
For accounting periods starting on or after 1 January 2016 audit thresholds are aligned with the new qualification as a small company, meaning companies (including LLP's) are exempt from having a statutory audit if they meet 2 of the 3 following conditions...
- Turnover below £10.2 million
- Balance sheet total below £5.1 million
- Less than 50 employees
For accounting periods starting before 1 January 2016 and ending on or after 1 October 2012 small company, meaning companies (including LLP's) are exempt from having a statutory audit if they meet 2 of the 3 following conditions...
- Turnover below £6.5 million
- Balance sheet total below £3.26 million
- Less than 50 employees
Most subsidiary companies are also exempt from audit where their parent company guarantees their liabilities.
For accounting periods ending on or before 30 September 2012 an audit is required where your turnover exceeds £6.5 million or your gross assets exceed £3.26 million or the company is part of a group that exceeds those limits.
We can advise you if you need an audit and if not, you can save on accountancy fees!
However, we aim to deliver hassle-free audits and there are good reasons for having an audit even if you are not required by law to have one...
- An audit involves a detailed review of the company's accounting systems and systems of control and also requires a detailed understanding of the company's business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters
- An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references, etc
- A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market
- The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster
Next Step:
Please contact us if you need further advice, have any questions about our services, or would like a free consultation.
Why Audit Services Matter
Audit services are no longer just about meeting compliance. With regulatory standards tightening each financial year, you need more than a basic tick-box review. A thorough audit brings clarity to your business accounts, pinpoints your potential issues, and highlights areas where your company’s performance can be improved.
At Hayvenhursts, we carry out our specialist audits to deliver more than regulatory assurance. We help you understand what’s working within your current business systems and reporting practices and what needs attention. Our audit professionals help you convert your findings into action.
Call us today on 02920 777 756 to book your consultation or visit our website for more information about our services.
The Role of Audit in Modern Business Governance
Audit acts as a cornerstone of effective governance in today’s UK business structure. At Hayvenhursts, we go beyond checking your financial figures: we confirm that your internal reporting aligns with legal standards and reflects your actual business performance. We help interpret your findings as strategic insights, allowing you to plan effectively for expansion, investment, or restructuring.
Enhance Your Stakeholder Confidence
Your stakeholders, whether investors, lenders, or business partners, need assurance that your business accounts are accurate and your business systems are robust. Your audit report provides transparency by confirming that your financial statements are accurate and that your business complies with regulatory obligations. This builds trust and strengthens your position when seeking funding, entering partnerships, or managing internal change.
At Hayvenhursts, we deliver comprehensive audit reports to reinforce your stakeholders’ trust and confidence. Speak to our reliable team today on 02920 777 756 for prompt support.
Types of Audit Services from Hayvenhursts
At Hayvenhursts, our audit services help you stay accountable, organised, and prepared for external reviews. We tailor each service to suit your business activity and reporting requirements with practical advice.
Statutory Financial Audits
As of 6 April 2025, UK regulations state that if your company exceeds two of the following three thresholds: £15 million annual turnover, £7.5 million gross assets, or 50 employees, you are required to undergo a statutory financial audit.
Statutory audits are designed to confirm that your financial statements provide a true and fair view of your business performance. At Hayvenhursts, we conduct statutory audits in full accordance with UK regulations by thoroughly reviewing your internal accounting systems, financial controls, and supporting documentation.
In‑House and Internal Audits
In-house audit plays a crucial role in refining your business operations, ensuring accuracy across your accounting records, and reducing your financial and compliance risk. At Hayvenhursts, we assess your internal controls and review your transaction processes. We support your internal accountability and give your management team greater confidence in decision‑making.
Grants and Funding Audits
If your business receives external funding, grant bodies often require you to complete an audit. At Hayvenhursts, we carry out funding audits with clarity and independence, verifying how your funds are used and whether you meet your reporting obligations. Our services are especially valuable for sustainability grants or sector‑specific funding, where accuracy and compliance are essential for maintaining your eligibility.
At Hayvenhursts, we deliver our audit services with accuracy and transparency. Get in touch with our expert team to arrange your appointment.
What To Expect From Hayvenhursts
Every audit we undertake is structured with precision and tailored to your business priorities. At Hayvenhursts, we thoroughly review your final figures and assess the full context of your financial reporting, management processes, and compliance requirements. Our focused approach guarantees a smooth audit process from beginning to end.
Initial Planning & Risk Assessment
We begin by defining your audit scope, based on your business structure, industry sector, and accounting records. Our specialist team sets your materiality thresholds and applies our industry-standard sampling techniques to focus on areas that matter most to your business. We ensure that our initial audit is targeted, meaningful, and aligned with your business goals.
Audit Fieldwork & Evidence Collection
Once planning is complete, our knowledgeable auditors conduct detailed fieldwork. We include interviewing your staff, examining your financial documents, and performing our control testing across your financial systems. We collect objective evidence to confirm the accuracy and completeness of your financial reporting.
Reporting, Follow‑Up & Ongoing Monitoring
After analysis, we deliver an honest conclusion supported by our formal report. If needed, we issue a management letter highlighting your internal control issues or inefficiencies. We also track agreed actions to support effective remediation and provide further review if your audit requires ongoing monitoring.
At Hayvenhursts, we tailor every audit plan to your business. Reach out to our dependable team today to define your scope and schedule your next audit.
Benefits of Regular Audit Services
Regular audit services bring more than your annual business compliance. With tighter financial governance in place, you can recognise issues before they develop into larger risks and demonstrate your credibility to your investors and regulators. At Hayvenhursts, we help you use each audit cycle to make smarter decisions across your business.
Strengthened Internal Controls and Risk Management
Routine audits reinforce your internal control systems. At Hayvenhursts, our skilled team reviews your day-to-day processes with a critical eye, helping you identify your control gaps, prevent fraud, and ensure you’re staying within regulatory limits. Whether you’re running a growing business or part of a larger organisation, maintaining a routine schedule helps reduce the risk of oversight and strengthens your regulatory compliance year after year.
Enhanced Business Performance
Your audit findings reveal more than numbers; they uncover your financial patterns, operational inefficiencies, and business opportunities. At Hayvenhursts, we use our dependable outcomes to support your business planning and cost controls. From reviewing your expenditure to advising on reporting your financial accuracy, our recommendations help you increase your profitability and maintain your long-term financial health.
At Hayvenhursts, we transform your audit into your practical tool for growth and operational clarity. Fill out our contact form to arrange your audit review and drive your business performance forward.
How to Choose the Right Auditor: Why Hayvenhursts?
Choosing the right auditor means selecting your partner who brings clarity to your financial position, adds value through meaningful insights, and understands the practical needs of your business. At Hayvenhursts, we combine our qualified expertise with industry knowledge, offering tailored support that aligns with your financial goals.
Independence and Trustworthiness
A reliable audit starts with independence. At Hayvenhursts, we maintain professional integrity through our robust internal quality checks and ongoing regulatory compliance. As registered auditors, our work meets recognised UK standards and gives you reliable, objective findings.
Industry Knowledge and Advisory Value
Your auditor should understand your specific industry, business pressures, and financial risks. At Hayvenhursts, our team includes specialists across multiple sectors, from retail to professional services, enabling us to ask the right questions and deliver outcomes that support your financial planning.
At Hayvenhursts, our multi-disciplinary audit team delivers valuable insights alongside clear, reliable assurance. Speak to us today on 02920 777 756 to ensure clarity and confidence in your business decisions.
Start Your Audit with Confidence Today
Beginning your audit doesn’t need to be time-consuming or complicated. At Hayvenhursts, we make our process straightforward, transparent, and aligned with your business operational needs.
From your initial enquiry to our final feedback, your engagement is professionally structured and supported by our clear communication. Whether it’s your statutory audit, internal controls review, or grant assurance, our dependable services ensure your audit supports your long-term financial health.
At Hayvenhursts, our services strengthen your internal trust and give your stakeholders greater confidence in your financial figures. With tighter regulatory standards applied each financial year, having the right partner ensures your audit reporting remains robust and your business decisions stay well-informed.
Partner with Hayvenhursts today for your tailored audit solutions. Call our certified team on 02920 777 756 or complete our contact form to get started.
Frequently Asked Questions
1. Do I need an audit if I’m a small business?
Answer: You may be exempt from a statutory audit if your business qualifies as small under current UK thresholds. However, many smaller companies choose to undergo voluntary audits to improve transparency, secure funding, or meet stakeholder requirements.
2. What documents do I need to prepare for an audit?
Answer: Typically, you’ll need your accounting records, bank statements, financial reports, tax filings, and relevant contracts. At Hayvenhursts, we provide a tailored checklist to help you prepare with minimal disruption to your business operations.
3. How long does an audit take to complete?
Answer: The timeframe depends on your company’s size, structure, and record-keeping. On average, at Hayvenhursts, our audit may take a few weeks from initial planning to final reporting. Our team sets out clear timelines from the start to keep your audit process on track.
4. How often should my business be audited?
Answer: If you’re legally required to have a statutory audit, it must be completed annually. However, many businesses benefit from more frequent internal reviews or process audits to maintain accuracy and manage risk. At Hayvenhursts, we can advise on the right frequency based on your business goals and reporting obligations.At Hayvenhursts, we support every client with clear communication and dependable results. today to begin your engagement and take the first step towards your improved business clarity and stronger financial management.