What a statutory audit involves
A statutory audit is an independent examination of a company's financial statements to confirm they present a true and fair view, in line with the Companies Act and applicable reporting standards. Our auditors gather evidence, test controls and issue a formal opinion. The process gives shareholders, lenders and regulators confidence that the reported figures are reliable.
Internal audit versus external audit
An external audit provides an independent opinion on your annual financial statements, while internal audit is an ongoing review of your controls, risks and processes. Both add value in different ways: the external audit builds trust with third parties, and internal audit helps management strengthen operations. Many organisations benefit from combining the two.
Preparing your business for audit season
Good preparation makes an audit faster and less disruptive. Keep your ledgers reconciled, retain supporting documents for major transactions, and address prior-year recommendations early. A short pre-audit meeting to agree scope, timing and the information required helps everything run smoothly and keeps professional fees predictable.