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info@jamestoddandco.co.ukStatutory Audit Services
James Todd & Co provides professional statutory audit services for growing companies, established businesses, groups, charities and UK subsidiaries of overseas companies.
As an independent firm of Chartered Accountants and Registered Auditors, we are authorised by the Institute of Chartered Accountants in England and Wales to carry out audit work in the UK.
Does Your Organisation Require a Statutory Audit?
Whether an organisation needs a statutory audit depends on factors including its size, legal structure, group position, activities, articles of association and the requirements of its shareholders or other stakeholders.
For financial years beginning on or after 6 April 2025, a private company may qualify for an audit exemption if it meets at least two of the following conditions:
- Annual turnover of no more than £15 million
- Assets worth no more than £7.5 million
- An average of 50 employees or fewer
Meeting these size criteria does not automatically mean that a company is exempt. Different requirements may apply to public companies, subsidiaries, certain regulated businesses and companies that form part of a group.
An audit may also be required where the company’s articles of association specify one or where shareholders who meet the relevant statutory conditions request one.
Some companies choose to have their financial statements audited even when there is no statutory obligation. A voluntary audit may be requested by a lender, investor, parent company or other stakeholder. It can also provide additional independent assurance over the financial statements.
Audit requirements in the UK can be complex, particularly where a company forms part of a group. Our team can review your circumstances and help you understand the requirements that may apply to your organisation.
Statutory Audits for Different Organisations
We provide statutory audit services for businesses, groups, charities and other organisations with a range of reporting requirements.
Owner Managed Businesses and Growing Companies
We support businesses arranging their first audit, changing auditor or requiring an audit for shareholders, lenders or investors. Our team explains what to expect, agrees a clear timetable and helps your business prepare the necessary financial information.
Groups and Larger Businesses
James Todd & Co provides coordinated audit support for groups and larger companies, including businesses with multiple entities and reporting requirements. Our experience ranges from smaller audit clients to owner-managed groups with turnover exceeding £30 million.
Charities and Not for Profit Organisations
We provide specialist accounting and audit support for charities and not-for-profit organisations, with a focus on transparent reporting, good governance and maintaining stakeholder confidence.
UK Subsidiary Audit and Compliance Specialists
James Todd & Co supports overseas-owned businesses with UK statutory accounts, audit requirements, Companies House compliance and group reporting. We also assist with corporation tax, payroll and VAT coordination where required.
Whether an audit is required by law, requested by the parent company or needed for group reporting, we work closely with local management, overseas finance teams and group auditors to keep responsibilities and deadlines clear.
A Reliable UK Audit Partner for International Groups
Managing a UK subsidiary from overseas can be complex, particularly when UK statutory deadlines and group reporting timetables differ.
We act as a local contact for the UK entity, coordinating with overseas stakeholders, international advisers and group auditors. Our team helps manage information requests, reporting requirements and agreed deadlines efficiently.
Common UK Subsidiary Challenges We Help Address
We can help international groups with:
- Determining whether the UK subsidiary requires an audit
- Coordinating UK and group reporting deadlines
- Preparing statutory accounts and Companies House filings
- Responding to parent company and group auditor requests
- Managing communication between UK and overseas finance teams
- Coordinating corporation tax, payroll and VAT requirements
Contact James Todd & Co to discuss the audit, accounting and compliance requirements of your UK subsidiary.
The Advantages of a Professional, Comprehensive Statutory Audit
While a statutory audit may be mandated, there are multiple benefits to having a coordinated audit plan that can address key issues, priorities, opportunities and risks to your organisation, giving your decision-makers useful information they can leverage to make informed choices.
The primary objective of an external audit is to ensure that published financial statements are accurate and present a true picture of the organisation’s finances. This feeds into greater investor or stakeholder confidence, and a reputation for integrity and honesty that may be valuable for not for profits and charities alongside companies.
Managers, directors and senior leadership team members often rely on the outcomes of a statutory audit to affirm that they have upheld their duties and responsibilities while verifying that corporate governance requirements have been fully adhered to.
The insights a team of Chartered Accountants acting as your auditors provides are insightful and can help test and assess internal controls, evaluate how well a corporate body protects itself from risk, and ensure transparency about which processes are performing well and which are not.
Should your auditing process identify controls that are not satisfactory, this isn’t necessarily a negative. Instead, a fully independent statutory audit will deliver recommendations within the auditor’s report, designed to support the organisation and help managers improve performance going forward.
Understanding the Statutory Audit Process
As your auditors, James Todd & Co will run through the auditing standards, expectations and requirements before beginning a statutory audit so you know how the audit will be structured and where your workforce may be able to assist.
Statutory audits will normally meet the following criteria:
- Collating an overview of financial accounts and records, including financial statements issued within recent trading periods, and the outcomes of an internal audit or a published accountant’s report
- Evaluating how the entity implements financial controls, operational controls and processes, and assessing how well these fit the organisation’s needs
- Creating a customised report, prepared by the audit team, setting out the findings, stating whether the financial position of the entity is shown correctly and adding real value to shareholders and stakeholders
For more information about the statutory audit process, whether this is relevant to your company, charity or not for profit, or why an audit may be beneficial, please get in touch at any time with our Audit Services team.
We work with leading accounting software platforms
What Our Statutory Audit Services Include
Why Choose James Todd & Co as Your Statutory Auditors?
Our experience includes first-time audits, companies changing auditor, owner-managed businesses, groups, charities and UK subsidiaries of overseas companies. Alongside statutory audit services, our team can provide support with statutory accounts, corporation tax, payroll and VAT. We serve clients across the UK from our offices in Chichester and Fareham.
Our broader audit and assurance services include regulatory audits and specialist audit support for different types of organisations. Details of our statutory audit register can also be viewed through the UK Audit Register.
Speak to Our Statutory Audit Team
Whatever your circumstances, speaking to our team early gives us time to understand the organisation, assess the likely requirements and agree a practical timetable.