Statutory audit
A statutory audit is an independent examination of a company’s financial statements, required once a company exceeds two of three thresholds: £15m turnover, £7.5m balance sheet total, or 50 employees. We are ICAEW-registered auditors and carry out statutory and voluntary audits for West Midlands companies.
An audit should tell you something you did not already know. Ours are partner-led, planned around your year end rather than ours, and finished without a three-month tail of outstanding queries.
What is included
Statutory audit
A full audit under International Standards on Auditing (UK), with an opinion signed by a Responsible Individual.
Voluntary audit
For companies below the thresholds that need one anyway: for lenders, investors, grant funders or a shareholder agreement.
Group audits
Consolidations and subsidiary reporting where a group structure requires it.
Charity and pension audits
Independent examination and audit for entities with their own reporting frameworks.
A management letter worth reading
Control weaknesses, risks and practical recommendations, not boilerplate.
Audit: your questions answered
When does a company need an audit?
When it exceeds two of these three for two consecutive years: turnover over £15 million, balance sheet total over £7.5 million, or more than 50 employees. Some companies also need one because of their articles, their shareholders, their sector regulator or their funding agreements.
Can a small company be audited voluntarily?
Yes. Smaller companies often choose an audit because a bank, investor, grant body or prospective buyer wants the assurance. It can also be required if shareholders holding 10% or more demand one.
How long does an audit take?
For a typical owner-managed company, two to four weeks of fieldwork once records are ready, with the opinion signed shortly after. We agree the timetable with you in advance and stick to it.
Who signs the audit report?
A Responsible Individual within the firm, registered with the ICAEW to sign audit opinions. At iTSA, audit work is led and signed by Sajid Aman FCA.