0333 006 8809

Audit and Assurance

Delivering clarity, compliance, and confidence in your financial reporting

Ensuring accuracy in your financial statements

Our audit service ensures your numbers and financial information are right and identifies ways to improve how you run your business.

Team member sharing documents during a bespoke accounting consultation

Some businesses need an audit by law once they reach a certain size in terms of turnover and thresholds, but plenty of smaller businesses choose to have one as well, as it provides extra confidence for themselves, stakeholders, investors, and lenders.

Voluntary audits can be beneficial for a variety of reasons, such as providing shareholders with a clear picture of the company’s financial position, preparing for a potential sale in the next few years, or meeting the requirements of banks and other stakeholders.

Who will benefit from this service?

Businesses above or approaching statutory audit thresholds

Business seeking investment, secure funding, or prepare for sale

Family-owned businesses and multi-generational businesses need independent verification for stakeholders and succession planning

Regulated industries such as financial services businesses and others with specific compliance requirements

Business with external stakeholders, such as multiple shareholders or joint venture partners

How we deliver this service

Planning stage

We start by meeting with key members of your finance team to understand both your financial processes and the potential risks to the business. This involves reviewing how transactions are handled (from sales order through to cash collection), assessing the software you use, and considering the segregation of duties within your team.

Fieldwork stage

Also known as the testing phase, this is where we apply our risk assessment to design and perform bespoke tests. These ensure that each financial statement area is accurate and that your controls and processes have been followed. Using sample methodology, we review a selection of transactions and draw our conclusions from these findings.

Completion stage

We compile our findings into a clear and constructive report for directors and shareholders, allowing for management comments.

Rather than a “pass or fail” style report, this feedback highlights the quality of your processes, controls, and underlying data, along with any recommended improvements. These recommendations are followed up on during the next audit, and the formal audit report is included within your accounts.

The benefits to your business

While an audit ensures compliance with company law, the benefits extend far beyond meeting statutory requirements. A thorough audit offers a deeper understanding of your business, from non-financial operations through to finance, helping identify both strengths and areas for improvement. This process can strengthen internal controls, improve efficiency, and increase stakeholder confidence in your financial reporting.

Our advisers

Meet some of our team of chartered accountants and business advisers.

Meet the full team

Are you looking for audit and assurance advice and support? Our specialists provide expert guidance – get in touch today!

Call us:

0333 006 8809

Email us:

enquiries@haywardwright.co.uk

Find us:

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FAQs

How long does an audit process take?

It depends on the complexity of the business, but typically an audit will take between two and six weeks, with different stages completed at various times of the year.

Can I fail an audit?

Yes, but it’s rare. A “failure” occurs when we cannot obtain sufficient assurance over the accuracy of the financial statements.

Does an audit require on-site presence?

Not always, but the most effective audits usually involve a mix of on-site work (e.g., stocktakes, procedural testing) and off-site analysis.

How much does an audit cost?

The cost depends on factors such as the complexity of the business, whether it’s a first-year audit, and the level of experience required within the audit team.