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Audit

Q: When do I need an audit?

Private limited companies in the UK require an audit unless they qualify for an exemption. The most common exemption is the small company exemption, which applies where turnover, assets and employee numbers fall below certain thresholds. However, audit requirements can be complex and there are circumstances where an audit may still be required even if these thresholds are not met. Some entities also choose to have a voluntary audit to enhance credibility or help attract investment. If you are unsure whether your business requires an audit, a free, no-obligation initial discussion and audit fee estimate can help clarify your position.

Q: What does an audit involve?

Audits are conducted in accordance with International Standards on Auditing and applicable laws and regulations. The process begins with developing a thorough understanding of your business, followed by assessing the risks of material misstatement in the financial statements and designing audit tests to address those risks. During the audit, the team may examine records, inspect premises and ask questions of your finance team and key personnel. The aim is to minimise disruption, ensure effective communication and deliver an audit report setting out findings and any recommendations.

Q: How long does an audit take?

The duration of an audit depends on the size and complexity of the business, as well as the quality of its systems and controls. In some circumstances, an audit can be completed in a couple of weeks, while audits of larger or more complex groups may take longer.

Q: Do auditors need to attend stocktakes?

Where a business holds a significant level of inventory, auditors will usually need to observe stock counts and perform test counts. This helps establish whether effective controls are in place over stock and whether inventory figures in the financial statements are reliable.

Q: Can my audit firm carry out other accountancy services for my business?

In many cases, an audit firm can also provide other accountancy services alongside audit work. Suitable safeguards must be put in place to ensure auditor independence and objectivity are not compromised. Advice can be provided on whether non-audit services can be offered where the firm is appointed as auditor.

Statutory audits with added value and minimal disruption

Whether you’re not receiving a service you’re happy with from your existing auditors, or you need an audit for the first time, consider choosing Brebners for a competitively priced audit service that adds value whilst ensuring that your finance team is not inundated with emails and unnecessary queries.

Depending on your requirements, we can provide you with a quick, no-obligation fee estimate or detailed audit tender documents to present to the Board. And once you’re a Brebners client, we will coordinate a smooth transition from your previous auditor and you can begin enjoying the benefits of an experienced team who leverage the latest technology to make the audit run smoothly.

Why Choose Brebners

✔ Experience and expertise

Brebners were established in London in 1933 and now offer services from our Central London and Kent offices, as well as remotely across the UK. We’re members of the Institute of Chartered Accountants in England and Wales and uphold the highest standards, with all audit work being subject to several layers of quality control.

We have deep specialist knowledge of a wide range of Specialist Sectors and Industries, including industries such as creative & digital, real estate, hospitality, construction, shipping, retail and financial services.

Our audit experts are not fazed by dealing with even the largest of international groups or the most complex of contracts or transactions.

✔ We move with the times

We may be close to 100 years in age, but we use the latest technologies including leading accounts compilation software, an audit query management platform and file transfer portal (that our clients love) and offer e-signature and electronic submission options for when your accounts are ready to be sent to Companies House and HMRC.

✔ Wide support across a range of business types and industries

Across our audit team we have vast experience of auditing financial statements of all types. We act for:

UK-based international groups requiring audited consolidated accounts
Overseas international groups requiring audited accounts for their UK subsidiaries
Companies and groups requiring audited accounts prepared under FRS 102 and IFRS
Individual entities needing an audit for the first time
Small businesses requiring audited accounts for their bank, shareholders or own peace of mind
FCA-regulated entities requiring audited accounts
Charities who require audited accounts or independent examinations
Clubs who require non-statutory audited accounts
Pension funds, LLPs, solicitors, and more

✔ Joined-up, partner-led service

We have specialists in all areas – and subject to independence and objectivity considerations, your business can benefit from the expertise of our corporation tax, payroll, company secretarial, corporate finance and other specialist teams.

Despite being large enough to have wide-ranging expertise, we’re small enough that you always receive a responsive and personalised, partner-led service.

✔ Added value

Even where no errors are encountered audits often reveal ways in which a company can strengthen their systems, controls and procedures. Brebners prepare an Audit Finalisation Report in which we set out any recommendations which will benefit your business.

We will speak your language and offer a jargon-free service.

In the words of Stephen Burdge, Director of The Empire Design Company Limited:
“Brebners makes a refreshing change from the dull, grey accountant stereotype because they're not just good with numbers, they're good with people”

For more testimonials, see Testimonials

Ready to Talk?

If you're looking for an auditor who will strive to understand your business and leverage that knowledge to provide an efficient, value-added audit service, our audit department is here to help.

Contact us today for a free, no‑obligation initial discussion and fee estimate.

Frequently Asked Questions

When do I need an audit?

Private limited companies in the UK need an audit unless they qualify for an exemption, with the most common exemption being the small company exemption for companies whose turnover, assets and employee numbers fall beneath certain thresholds. However, the rules are surprisingly complex and there are several circumstances that could give rise to an audit requirement, even if these thresholds are not met.

Some entities choose to undergo a voluntary audit, for reasons such as increased credibility and helping to attract investment.

If you’re not sure if your business requires an audit, do get in touch with us – we can offer a free, no-obligation initial chat and audit fee estimate.

What does an audit involve?

We conduct audits in accordance with International Standards on Auditing and other applicable laws and regulations. These set out the approach that must be taken, but it starts with developing a comprehensive understanding of your business through initial discussions with you, before using this knowledge to assess the risks of material misstatement in the financial statements and designing tests to address those risks.

During an audit, you might expect the audit team to carry out some combination of examining your records, inspecting your premises and asking questions of your finance team and other key individuals. Brebners strive to minimise disruption to your normal schedule, ensuring our teams are suitably qualified, experienced and briefed, and a specialised query management platform is just one tool we employ to ensure effective communication.

At the end of the audit a report is delivered detailing our findings and any recommendations.

How long does an audit take?

The length of an audit depends on the size and complexity of the business and the systems and controls the business has in place. An audit can be completed in certain circumstances in a couple of weeks, but for larger entities and for groups containing many entities, the process can take longer.

Do auditors need to attend stocktakes?

If your business holds a significant inventory balance, auditors will expect to observe your usual stock counting procedures and carry out test counts to establish the effectiveness of the controls in place over your stock.

Can my audit firm carry out other accountancy services for my business?

In many circumstances it is possible for Brebners to act as auditors whilst also offering a suite of other accounting services, as we are able to put suitable safeguards in place to ensure that our objectivity and independence as auditors are not compromised. Please do contact us today and we will advise you whether we can provide non-audit services to you should you choose Brebners to audit your financial statements.