Statutory Audits In Bromley
Millet Audit are a leading accountancy company, specialising in financial and statutory audits.
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Millet Audit are a leading accountancy company, specialising in financial and statutory audits.
Get in TouchBromley is a thriving borough with a rich mix of established businesses, family-run companies, and ambitious new enterprises across South London. Under the Companies Act 2006, UK companies that exceed two of the following three thresholds usually require a statutory audit each financial year: an annual turnover of more than £10.2 million, total assets worth more than £5.1 million, or more than 50 employees. Some businesses must also have an audit regardless of size, including public companies, those in regulated industries, and businesses where shareholders demand it.
Speak to our team and we’ll help you understand your obligations, agree a realistic timeline, and guide you through the process from planning through to final report. Most audits take between two and six weeks to complete, and we work around your schedule to minimise disruption.
At Millet Audit, we specialise in providing clear, reliable statutory audit services to businesses across Bromley and the wider South London area. Our team works closely with companies of all shapes and sizes, ensuring their financial statements are not only legally compliant but also accurate, transparent, and helpful for making better business decisions. Bromley is a thriving borough with a rich mix of established businesses, family-run companies, and ambitious new enterprises. We know that no two businesses are the same, so our audits are never a one-size-fits-all approach.
Many companies see statutory audits purely as a legal obligation. While that is true, they can also be a valuable opportunity to strengthen financial systems, reassure investors, and build trust with stakeholders. With Millet Audit, you’ll have a trusted local partner who genuinely wants to help your Bromley business grow. We pride ourselves on being approachable and down-to-earth while delivering the professional standards you’d expect from an experienced audit team. With us, you can meet your statutory responsibilities with confidence.
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A statutory audit is a legal requirement for certain companies that exceed specific thresholds, as set out by the Companies Act 2006. These thresholds include an annual turnover of more than £10.2 million, total assets worth more than £5.1 million, or having more than 50 employees. If your Bromley business crosses two out of these three thresholds, you’ll need an independent registered auditor to review your financial statements each year.
Millet Audit helps businesses understand where they stand in relation to these rules. We know that business owners have enough on their plates without having to decode pages of legislation, so we explain things simply and clearly. We’ll advise if your company qualifies for an exemption or if it’s time to prepare for your first audit. Our team helps you get your records in good order, avoid last-minute rushes, and feel fully prepared. With our guidance, you can be sure your company is meeting its obligations and presenting the right image to stakeholders.
Contact Us TodayA financial audit examines your company’s figures in detail, ensuring your accounts show a true and fair view of your financial position. At Millet Audit, we believe that an effective audit should do more than just sign off the numbers. It should add clarity, reveal hidden risks, and highlight areas where you can improve. Bromley businesses benefit greatly from this extra insight, whether they’re well-established local firms or part of larger South London operations.
Our approach is thorough but practical. We get to know how your business works, what systems you use, and where potential issues might arise. By understanding the detail, we can carry out our audit work with minimal disruption to your day-to-day activities. Once the audit is complete, we produce a clear report that sets out our findings and any recommendations for strengthening your financial controls. For many of our clients, this added knowledge has helped them make better decisions and run their companies more effectively.
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Having a local audit partner like Millet Audit makes the whole process easier, more efficient, and more relevant to your specific business environment. Our office is close enough to Bromley for us to visit you on-site when needed, hold face-to-face meetings, and stay connected with how your business is changing. Many of our clients tell us they prefer working with a local firm that genuinely understands the community and the South London business scene.
Over the years, we’ve helped businesses in Bromley across all sorts of industries, including retail, construction, professional services, and hospitality. We don’t believe in off-the-shelf audits. Every audit is tailored to reflect the scale and complexity of your company. This way, we’re able to identify real risks and offer recommendations that make sense for you. Our knowledge of local challenges and opportunities means we can add value that bigger, remote firms often can’t match. When you choose Millet Audit, you’re choosing an audit partner who’s on your side, right where you need us.
We understand that the thought of an audit can feel daunting, but with Millet Audit by your side, you’ll find it much more straightforward. We start every audit with a detailed planning stage, so you know what to expect, what documents to prepare, and what the timeline looks like. Good planning is what keeps the process smooth and avoids any unnecessary delays.
During the audit itself, our experienced team reviews your accounts, tests your internal controls, and makes sure everything complies with UK auditing standards. We keep in regular contact, so there are no surprises along the way. When we’ve finished, you’ll receive a clear, detailed report setting out our findings in plain English. If we spot any areas for improvement, we’ll offer practical advice you can act on. For businesses in Bromley and South London looking to stay compliant while strengthening their financial foundations, our audit process provides exactly that peace of mind.
A statutory audit is a legally required review of a company’s financial statements to ensure accuracy and compliance with UK accounting standards. Not every business needs one, but companies that exceed two of the following three thresholds usually do: a turnover of more than £10.2 million, assets over £5.1 million, or more than 50 employees. Even if you’re unsure whether your company meets these requirements, it’s always best to get professional advice. At Millet Audit, we help businesses in Islington understand their audit obligations and stay compliant with confidence.
The duration of a statutory audit can vary depending on the size and complexity of your business, the quality of your financial records, and how prepared you are. Typically, a standard audit can take anywhere from two to six weeks, from initial planning through to the final report. At Millet Audit, we pride ourselves on delivering audits efficiently without sacrificing quality. Our team works closely with you to minimise disruption and keep everything on track. We’ll agree on a realistic timeline at the outset so you always know what to expect at each stage.
To complete your statutory audit, we’ll need access to a range of documents, including your balance sheet, profit and loss account, general ledger, bank statements, payroll records, invoices, contracts, and any supporting notes or calculations. We may also request information on internal processes and financial controls. Don’t worry if that sounds overwhelming – our team will provide a clear list of what’s needed and guide you through the process. At Millet Audit, we believe audits should be as straightforward as possible, and we’re always available to answer questions or help you gather the required information.
Yes, a statutory audit can be a valuable opportunity to gain deeper insight into how your business is performing. Beyond ensuring compliance, audits can highlight areas where financial processes could be tightened, reveal hidden risks, or suggest ways to improve efficiency. Many of our clients in Islington use the findings from our audits to make informed strategic decisions. At Millet Audit, we don’t just deliver a report – we provide practical feedback and tailored recommendations that can help your business grow stronger and more financially secure in the long term. Contact us today.