It’s about gaining robust insights into your business, feeling confident and assured that you are mitigating risk in a safe, legal and transparent manner, and having the right information at hand to make improvements where you need to.
Audit is a key investment in your business. As a tool for growth, as well as for regulation, it is central to the services we provide at Simpson Wood.
A good audit should do more than confirm the numbers are correct. It should give directors confidence, highlight areas for potential improvements, and provide reassurance that the business is operating on clear and solid foundations.
Why do you need an audit?
An audit is a technical and detailed process that confirms your company’s accounts and finances represent a “true and fair view” of your organisation. The process confirms that your records are free from material substantive errors or misrepresentations and that records are prepared and kept in accordance with rules and regulations.
Your company may be obliged to carry out an audit on a statutory basis; or it may be part of your working practices to help you meet operational or investor-driven goals and insights.
Whatever your reason, a high-quality audit requires expertise and rigor. Working with our dedicated and experienced team means you can be assured of meaningful, objective, independent support that delivers with integrity and insight.
The benefits of an audit include:
Compliance.
Audit confirms that your company’s accounts are free from material misstatements and represent a true and fair view of your financial and operational practices.
Transparency.
Audit is a clear and objective process that is independent from your internal team. This makes it a straightforward, trustworthy way of providing reassurance for stakeholders.
Efficiency.
The process itself brings to light your company’s internal accounting processes, giving you the chance to streamline where necessary, as well as help avoid potential error in future practice.
Growth.
Audit provides insights that can help you make strategic decisions about your growth, making it easier to see where resources are best deployed and where future opportunities may be.
Security.
The process of audit means that potential risks are identified early on, giving you the opportunity to put in place the right risk-management checks and balances to prevent unnecessary complications later.
Exit.
It can help to streamline due diligence, support financial legal statements, and identify risks and opportunities for potential buyers. In some cases, it can also support an increase in your business valuation and assist in your buyer securing appropriate finance.
We are registered with the Institute of Chartered Accountants in England and Wales (ICAEW) to perform statutory audit work.
Our comprehensive team of specialists are experts across a broad variety of sectors and industries.
We get to know and understand your business and your industry context in depth.
Every audit we carry out provides a review of accounting practices and financial statements. You’re provided with a clear view of the company’s financial health, as well as highlighting where financial and operational improvements would be both possible and beneficial.
From accountancy & tax to financial planning and long-term strategy, Simpson Wood works closely with business-owners, individuals and families to provide independent advice, delivered with care, clarity and commercial understanding.
Richard Wolk – Director of Tax
How do you know if you need an audit?
You’ll need an audit if…
You are above two out of the three audit-exemption thresholds
You are a public limited company (PLC).
You are listed on the UK stock exchange.
Your company is a subsidiary company of a larger group and meets certain criteria.
You are FCA regulated because, for example, you’re a bank or other financial services or insurance firm.
If more than 10% of your shareholding demand it or require it under the company’s articles or covenants.
You are part of a sector with regulation that demands it. This includes certain charities, employers’ associations and trade unions.
You may be audit-exempt if…
Your company turnover is below £15 million.
Your company assets are no more than £7.5 million.
You employ fewer than 50 people.
You are a charity with a gross income of £1 million or less, provided your gross assets do not exceed £3.26 million.*
Your company is a subsidiary within a group and has a guarantee of liabilities through the parent company at the end of every financial year.
If your company meets at least two of these criteria for two consecutive years, you may be exempt from audit under the Companies Act 2006.**
*Information based on thresholds for charity audits that are effective from 1 October 2026.
**Information based on audit thresholds that take effect for periods beginning on or after 6 April 2025.
