Statutory Audits for Small Businesses and Start-ups

The Importance of Statutory Audits

A statutory audit, sometimes initiated by government authorities, is a meticulous examination of your organisation's financial records, including income, expenses, investment returns, and other relevant documents. 

The primary goal is to ascertain the accuracy of financial transactions and the proper handling of funds within your organisation. This process not only ensures compliance with legal requirements but also enhances the credibility of your business.

Exemptions from Statutory Audits

Not all businesses are mandated to undergo statutory audits. Small businesses and organisations can be exempt from this process if they meet specific criteria. Your company may be exempt from audit if it falls under any of the following conditions:

• Annual turnover of no more than £10.2 million.

• Assets worth no more than £5.1 million.

• 50 or fewer employees on average.

However, it's important to note that certain types of companies are generally required to undergo audits, including public companies, authorised insurance companies, and banking institutions, among others.

Our Approach to Statutory Audits
At Wisteria, we approach statutory audits with a commitment to efficiency and minimal disruption.

Firstly, we begin with meticulous Planning the Audit, where we assess your organisation's materiality to tailor the audit precisely to your needs.

Next, our auditors employ a strategic Sampling and Asset Evaluation technique, randomly selecting stock and assessing assets to provide you with accurate insights while minimising disruption.

Furthermore, our Onsite Collaboration approach ensures a seamless information gathering process by closely working with your team, with a goal to minimise disruptions to your daily operations.

We understand that audits can be a financial challenge, particularly for small businesses and start-ups.

Therefore, we prioritise cost-effective services without compromising on quality. Additionally, our auditors stand out with their heightened flexibility and availability, offering solutions for both long-term planning and short-notice audits, providing you with the agility and assurance you deserve in the audit process.

Guidance for First-Time Audits
If your business is undergoing its first audit, you may have questions and uncertainties. Our experienced staff will guide you through the process, explaining the required information and the audit's purpose. We believe that transparency and communication are key to a successful audit experience.