Companies of all sizes in the UK, from large corporations to SMEs require audit & assurance services to gain valuable insights for improving business processes, controls, and key performance indicators. We help you alleviate internal and external risks associated with your organisation, and capitalise on emerging opportunities.
We help you alleviate internal and external risks associated with your organisation with our audit& assurance services.
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Need Audit Services?
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Service Features
Reliable financial information is necessary for a business to make sound business decisions and build a positive reputation. Our Audit & Assurance service help you perfectly meet UK’s legal and financial standards.
Internal Audit
Internal company audits provide vital financial information to review your current business state. It helps evaluate the efficiency of company resources and gives practical insights into a business’s performance.
External Audit
External company audits ensure business compliance with the UK’s legal requirements and regulations. Our external audit services include – statutory audits, non-statutory audits, UK GAAP, IFRS, etc.
Grant Audit
Has your company received funding? Your expenditure requires verification by an independent approved auditor. Our team helps with fund schemes such as Horizon Europe, AMSCI, and Innovate UK.
Specialist Audit
A Specialist Audit is designed for companies with more demanding requirements for audits and reviews. Octa Accountants work with clients to understand their needs and provide specialised auditing services.
Financial Audit
We provide financial audit services to businesses of all sizes in the UK – including large corporations to small non-profit organisations. Our team follows a risk-focused approach to satisfy the client’s needs.
Benefits of Audit & Assurance Services In th UK
Service Benefits
Company audits are becoming more and more overwhelming due to ever-changing industry practices, regulations and emerging risks in the competition landscape. It is becoming common for many corporations and SMEs to hire expert auditors to analyse internal and external aspects associated with a business.
Become Legally Compliant
We take care of legal matters so you can work on your business with a carefree mind.
Every business has different needs when it comes to audits & reviews. That’s why we prepare bespoke audit & assurance plans according to a client’s requirements.
Book a Meeting to discuss your needs and get a fully personalised plan!
Frequently Asked Questions
Here’s a list of frequently asked questions about audit & assurance service from our web visitors.
Why is an audit required for a company?
An audit is essential as it proves a business's credibility via the financial statements of a company and provides confidence to shareholders. It is also necessary to improve business performance, systems, and controls.
How long does a company audit take?
There is no straightforward answer to this question as an audit's duration highly depends on the size of the company and if there are already some pre-established measures to make the audit process easy. Anyhow you can expect the duration of an audit to be 1-3 months on average.
What are company audit requirements?
A company requires an audit in the UK if it surpasses the threshold limit for any of the two conditions below:
- Turnover is higher than £10.2 million (Net) or £12.2 million (Gross)
- Total assets are more than £5.1 million (Net) or £6.1 million (Gross)
- The current number of employees is 50 or above
A business is considered small and receives audit exemption if it does not surpass any of the above two criteria for a company audit.
What are internal and external audits?
Internal audits help determine issues related to a company's performance to add value or improve business operations. On the other hand, external audits mitigate the financial reporting risks and showcase the financial condition of a business. Or external audits can be to raise a company's compliance with legal/regulatory standards.
A company may require internal audits throughout the year but would only need to conduct an external audit once a year.
How does auditing help businesses?
An audit improves the financial credibility of a company, and generally, it is a good practice for large corporations and SMEs.
Following are three ways showing how auditing helps a business:
- Prevents fraud risks
- Establishes a sound system of internal controls
- Secures company reputation
When is a company audit required?
Many circumstances would require a company to perform an audit. Following are some of the reasons that prompt a company to start an audit:
- A bank or investor requires you to showcase that your financial statements are valid
- The business decides to raise capital or go public
- A business reaches the 1-2 million dollars revenue mark
- Another case could be a business acquisition by a seller or a merger with another company
You can know more about company audits in this blog:
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