An audit that gives your business more than a signature on a page
For many businesses, an audit is a box-ticking exercise — something endured rather than valued. At Hulljady Chartered Accountants, we approach every audit as an opportunity to give our clients genuine assurance, meaningful insight, and a clearer understanding of their financial controls than they had before we arrived. The compliance requirement is the starting point. The value we add goes considerably further.
WHAT WE DO
Audit services for UK businesses, charities and other organisations
Hulljady provides audit services across a broad range of entity types — from owner-managed limited companies to charities, academies, and regulated businesses — with a consistent focus on quality, efficiency, and genuine value.
Statutory Audit
For companies that are legally required to have their accounts audited — broadly those exceeding two of the three thresholds: turnover above £10.2 million, balance sheet above £5.1 million, or more than 50 employees — we provide a fully compliant statutory audit conducted in accordance with International Standards on Auditing (UK). Our audit opinion provides the independent assurance your stakeholders require.
Voluntary Audit
Many companies below the statutory threshold choose to have their accounts audited voluntarily — because their bank requires it, their investors expect it, or because the directors want independent assurance on their financial statements. We conduct voluntary audits to exactly the same standard as statutory audits, providing the same level of credibility and assurance.
Charity Audit
Charities with income above £1 million are required by law to have their accounts independently audited. We have extensive experience auditing charities across a range of sizes and sectors — understanding the specific accounting framework, the regulatory environment of the Charity Commission, and the reporting expectations of trustees and funders.
Academy Trust Audit
Academy trusts are required to have their accounts audited annually and submitted to the Education and Skills Funding Agency. We understand the Academies Accounts Direction, the specific requirements of the ESFA, and the governance structures of academy trusts — providing an efficient, well-planned audit that meets all regulatory requirements.
Group Audit
For businesses operating through a group structure — a holding company with one or more trading subsidiaries — we provide consolidated group audits, coordinating audit work across multiple entities and providing an opinion on the consolidated financial statements.
Assurance & Independent Review
Where a full audit is not required but some level of independent scrutiny is needed — for a lender, an investor, or internal governance purposes — we provide assurance engagements and independent reviews that deliver meaningful comfort at proportionate cost.
KEY FIGURES
AUDIT THRESHOLDS & DEADLINES
HMRC’s VAT penalty regime changed in January 2023. Late submission and late payment now carry separate, cumulative penalties — the stakes are higher than ever.
Who needs an audit and when accounts must be filed
Understanding whether your company is legally required to have an audit — and when your audited accounts need to be filed — is the starting point for planning the process efficiently.
Turnover threshold — £10.2 million Companies with turnover above £10.2 million in the year must have their accounts audited, provided they also exceed at least one other threshold. Turnover is calculated on a group basis where the company is part of a group.
Balance sheet threshold — £5.1 million Companies with gross assets above £5.1 million on their balance sheet at the year-end must be audited if they also exceed at least one other threshold. Fixed assets, current assets, and investments all count.
Employee threshold — 50 employees Companies with more than 50 employees on average during the year must be audited if they also exceed at least one other threshold. Employee numbers are assessed on a monthly average basis.
9 months — Private company filing deadline Audited accounts for private limited companies must be filed at Companies House within nine months of the accounting reference date. Planning the audit timetable around this deadline — allowing sufficient time for the audit, the finalisation of accounts, and board approval — requires early engagement.
Note: Small companies that are part of a large group, companies that have previously had an audit and have shareholders who require one to continue, and companies operating in regulated industries may be required to have an audit even if they fall below the size thresholds. Hulljady advises on audit requirement in every client engagement to ensure nothing is missed.
HOW WE WORK
Our audit approach — planned, efficient, and genuinely useful
A well-run audit should not be a burden on your team. Hulljady’s audit process is designed to be as efficient as possible — with thorough planning, clear communication of what we need and when, and a focus on minimising disruption to your day-to-day operations while delivering the highest quality audit work.
Audit Planning & Risk Assessment
Every audit begins with a detailed planning phase — understanding your business, identifying the significant risks of material misstatement, agreeing the audit timetable, and communicating clearly to your team exactly what information we will need and in what format. Good planning is the single biggest driver of audit efficiency.
Interim Audit Work
Where the timetable allows, we carry out a proportion of the audit work — particularly systems and controls testing — before the year-end. This spreads the workload, reduces the pressure at year-end, and allows us to identify any issues with time to address them before the accounts are finalised.
Year-End Fieldwork
The substantive phase of the audit — testing the significant balances and transactions in your financial statements, verifying assets and liabilities, confirming the cut-off of income and expenditure, and reviewing the appropriateness of accounting policies and estimates. Conducted at your premises or remotely depending on your preference and the nature of the work.
Audit Completion & Reporting
Once fieldwork is complete, we finalise our conclusions, clear any outstanding queries, and prepare the audit report. We also prepare a management letter — setting out any significant findings, control weaknesses, or recommendations arising from the audit — which is delivered to management and the board alongside the signed accounts.
Post-Audit Review Meeting
A structured meeting with the directors or audit committee to discuss the findings of the audit, explain any significant judgements made in the accounts, answer questions, and agree management's response to any recommendations. The audit should generate a useful conversation — not just a signed document.
Ongoing Audit Support
Between audits, we remain available to advise on accounting treatments, respond to queries from your finance team, and flag any changes in accounting standards or regulatory requirements that may affect your next set of accounts. The audit relationship works best as a year-round engagement, not an annual visit.
WHY HULLJADY
Registered auditors who understand your business — not just your accounts
An audit conducted by people who do not understand your industry, your business model, or your commercial context produces a compliance document. An audit conducted by Hulljady produces both that and a genuinely useful assessment of your financial position, your controls, and your risks — delivered by auditors who also understand your tax position, your management accounts, and your strategic direction.
Our audit partners are ICAEW registered auditors with experience across a wide range of sectors — manufacturing, professional services, property, retail, charities, and the public sector. We bring sector knowledge to every audit — understanding what normal looks like in your industry, what the significant risks are, and where the audit effort should be focused to provide genuine assurance.
- ICAEW registered auditors — fully regulated and independently monitored
- Sector-experienced audit team — we understand your industry, not just your accounts
- Efficient, well-planned audit process — minimal disruption to your team
- Plain-language findings — practical recommendations, not just technical observations
- Management letter included as standard — a genuine output beyond the audit opinion
- Coordinated with your accountancy and tax work — no duplication, no gaps
COMMON QUESTIONS
Audit— frequently asked questions
Does my company need a statutory audit?
Most small companies in the UK are exempt from the statutory audit requirement. A company qualifies as small — and is therefore exempt — if it meets at least two of the following criteria in the relevant year: turnover not exceeding £10.2 million, balance sheet total not exceeding £5.1 million, and no more than 50 employees. However, there are exceptions — companies that are part of a large group, companies in certain regulated industries, and companies whose shareholders have requested an audit are all potentially required to have one regardless of size. Hulljady advises on audit requirement as part of every initial client engagement.
What is the difference between a statutory audit and a voluntary audit?
A statutory audit is one that is legally required — either because the company exceeds the size thresholds or because the company falls into a category where an audit is mandatory regardless of size. A voluntary audit is one that the company chooses to have despite not being legally required to do so — typically because a bank, investor, or other stakeholder requires it, or because the directors want independent assurance on their financial statements. Both are conducted to the same professional standard and produce the same audit opinion. The difference is the legal obligation, not the quality of the work.
How long does an audit typically take?
This depends entirely on the size and complexity of the business, the quality of the underlying records, and how well-prepared the client is. For a small to medium company with clean, well-maintained accounts, the fieldwork phase of the audit typically takes two to five days. Larger or more complex businesses — groups, businesses with significant stock, or those with complex revenue recognition — take longer. The full audit process from initial planning to signed accounts typically runs over two to three months for a well-planned engagement. Hulljady agrees a clear timetable at the outset of every audit.
What do I need to prepare before the audit starts?
The most important preparation is ensuring your accounting records are complete, reconciled, and well-organised before the audit team arrives. This means bank reconciliations completed, debtors and creditors reconciled to the nominal ledger, fixed asset register updated, and any year-end journals posted. Hulljady provides a detailed client preparation checklist at the start of every audit engagement — setting out exactly what we need, in what format, and by what date — so there are no surprises and no delays once fieldwork begins.
What is a management letter and what should I do with it?
A management letter — also known as a letter of reportable matters or a report to management — is a document produced at the end of the audit setting out any significant findings, internal control weaknesses, or recommendations that arose during the audit process. It is not a formal part of the audit opinion but is one of the most practically useful outputs of the audit. Management should review the findings carefully, agree a response to each recommendation, and track implementation. Hulljady follows up on management letter findings as part of the planning for the following year's audit to ensure recommendations have been acted on.
Can Hulljady audit a company it also provides accountancy services to?
Auditor independence is a fundamental principle of audit regulation. Where Hulljady provides both accountancy services and audit services to the same client, we maintain strict independence safeguards — including a clear separation between the teams responsible for accountancy work and audit work, and regular internal review of independence threats. For larger companies or those in regulated industries where independence requirements are more stringent, we advise on the appropriate structure at the outset of the engagement. The vast majority of owner-managed businesses are able to receive both services from the same firm provided the correct safeguards are in place.
READY TO GET STARTED?
An audit should give you more than a piece of paper. Ours does.
Book a free, no-obligation consultation with one of our registered auditors. We will confirm whether your company requires a statutory audit, explain what our audit process involves, and give you a fixed-price quote that covers everything from planning to signed accounts.