Audits
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 5 April 2025 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 £15 million
- Balance sheet total below £7.5 million
- Less than 50 employees
For accounting periods starting before 5 April 2025 and ending on or after 1 January 2016 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
Most subsidiary companies are also exempt from audit where their parent company guarantees their liabilities.
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
Accura Accountants Limited is a firm of Chartered Certified Accountants and Registered Statutory Auditors based in East Finchley, London. We are regulated by the Association of Chartered Certified Accountants (ACCA) and have been providing professional audit and accountancy services under our current name since 2011, with our origins dating back to the 1990s. We work with a wide range of clients across the UK, and our audit portfolio includes organisations with turnovers ranging from £150,000 to £250 million.
Audit and assurance are core areas of our practice. We undertake statutory audits, group audits involving complex structures, and prepare consolidated financial statements in accordance with UK GAAP and IFRS. We also carry out specialist assurance work including solicitors’ audits under the SRA Accounts Rules, charity audits and independent examinations, and audits of grant-funded entities. All our audit work is led by directors and senior managers, who remain actively involved throughout the engagement to ensure high standards, continuity, and a practical, risk-focused approach.
We have extensive experience across a broad range of sectors. Our commercial audit clients include companies involved in international express shipping and freight forwarding, warehousing, and supply chain management. We also act for businesses in engineering and advanced manufacturing, including those involved in casting technologies, pattern making, and the production of low-carbon components. Other audit areas include research and development companies, particularly in biotechnology and specialist machinery, as well as financial advisory firms, IT security providers, and e-commerce platforms. We have audited online auction marketplaces, fine art auctioneers, global distributors of non-ferrous metals, and international producers and distributors of food and drink, including a UK-based spirits company. We have audited a UK PLC energy company aiming to develop refinery infrastructure and contribute to European energy independence.
In the not-for-profit sector, we audit a wide range of charitable organisations, including community charities, places of worship, and grant-funded initiatives that work to improve local quality of life.
Accura Accountants currently employs around 40 staff, which allows us to maintain strong technical capabilities while delivering personal and responsive service. We are large enough to manage complex assignments but small enough to provide continuity of personnel and direct access to senior professionals throughout the engagement. Our audit teams are supported by regular technical training, and our staff remain up to date with changes in audit, accounting, and regulatory requirements.
We also offer a full range of supporting services, including year-end accounts, tax compliance, VAT, payroll, and business advisory. Many of our clients rely on us as a single point of contact for all their financial and regulatory needs.
We would welcome the opportunity to work with your organisation and are happy to provide further information.
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Please contact us if you need further advice, have any questions about our services, or would like a free consultation or a fixed quote.