Statutory Audits
Millet Audit are a leading accountancy company, specialising in statutory audits.
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Millet Audit are a leading accountancy company, specialising in statutory audits.
Get in TouchUnder the Companies Act 2006, UK companies that exceed two of the following three thresholds usually require a statutory audit each financial year: a turnover of more than £15 million, assets over £7.5 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.
Millet Audit provides sector specialism and a strong commitment to audit quality, ensuring the audit process is both efficient and value-added. As experienced auditors, we understand the balance between regulation, law, compliance, standards, and best practice. Our team adopts a pragmatic approach, focusing greater effort on areas of risk and materiality. We deliver efficient, risk-based audits designed to minimise disruption to your business while maintaining high professional standards. With a strong emphasis on communication, collaboration, and transparency, Millet Audit is committed to providing a professional, responsive, and effective service to all clients.
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UK statutory audits are primarily governed by the Companies Act 2006 and apply to organisations that exceed specific size thresholds or operate within regulated sectors. A statutory audit involves an independent review of a company’s financial statements by a registered auditor to determine whether they present a true and fair view and comply with relevant accounting standards and legal requirements.
The audit typically includes planning and risk assessment, evaluation of key controls, detailed testing of transactions and balances, and the formation of an independent opinion.
While directors are responsible for preparing accurate financial statements and maintaining proper records, auditors provide an independent opinion to shareholders and other stakeholders. A statutory audit promotes transparency, builds trust in financial reporting, and supports compliance with UK governance and regulatory expectations.
Contact Us TodayFinancial audits form the core of any statutory audit service, and at Millet Audit, we deliver these with the utmost care and professionalism. Our financial audits assess your income, expenses, assets, liabilities, and equity to ensure that your financial statements reflect a true and fair view of the company’s position. This provides peace of mind to directors and stakeholders and reinforces your organisation’s credibility with banks, investors, and regulatory bodies. In a financial hub like Canary Wharf, where transparency and trust are key, a well-executed financial audit can be a major asset.
We take a collaborative approach to financial auditing. From the start, we work with you to understand how your business operates, where your records are kept, and what internal controls you have in place. By getting to know your company in detail, we are able to carry out our work efficiently and with minimal disruption to your day-to-day operations. Our findings are clearly explained in a comprehensive audit report that highlights strengths, pinpoints any areas of concern, and suggests improvements where necessary. Whether you run a financial services firm, a property business, or a retail operation, our financial audits give you confidence in your financial reporting and provide assurance to those relying on your accounts.
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Canary Wharf is home to some of the UK’s most dynamic businesses, many of which operate in fast-paced and highly regulated industries. Choosing a local audit partner like Millet Audit gives you direct access to professionals who understand the business environment in this unique area. We’re not just another faceless firm – we’re part of the East London business community and we’re committed to helping our fellow businesses thrive. Our proximity allows us to respond quickly to client needs, attend on-site meetings when necessary, and build stronger, long-lasting relationships with our clients.
Our experience in statutory audits covers a broad range of sectors including finance, construction, professional services, and technology. We know that no two businesses are the same, and that’s why our audits are never off-the-shelf. We tailor our services to your size, structure and industry, ensuring every audit is relevant, insightful and constructive. Because we are based near Canary Wharf, we’re able to keep our finger on the pulse of local regulatory changes, market conditions, and best practices.
At Millet Audit, we aim to make the audit process as straightforward as possible. We begin by holding a planning meeting where we outline the scope of the audit, agree on timelines, and request the necessary information. Our team works closely with your in-house finance staff to gather and review your financial records, test your internal controls, and perform a series of detailed checks. We use up-to-date auditing software and follow the latest UK auditing standards, so you can be sure your audit is being conducted thoroughly and professionally.
Once our fieldwork is complete, we produce a clear audit report that outlines our findings and confirms whether your accounts provide a true and fair view. We also offer a feedback session where we walk through our results and answer any questions you might have. If any weaknesses are identified, we provide practical recommendations on how to strengthen your financial controls or improve your reporting. Our audits are designed to be efficient without cutting corners. We understand the importance of meeting deadlines and ensuring you have everything you need to file your annual accounts on time. Contact us today.
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 Canary Wharf 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 Canary Wharf 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.