Audit and
assurance

Rigorous assurance for boards, shareholders and the institutions
whose decisions rest on your numbers

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An audit opinion is read by the people whose decisions matter most to your business – shareholders weighing distribution and reinvestment, banks setting facility terms, investors pricing the next round and acquirers preparing offers.

The pressure on that opinion to hold up has never been greater the cost of getting it wrong reaches further than most boards appreciate until it is too late.

The credibility of that opinion rests on the depth of the work behind it, the quality of the judgement applied throughout and the confidence of the adviser guiding you through it.

Our audit practice is built around partner-led engagement, sector-aware risk assessment and constructive scepticism – not because the standards require it, but because that is what genuinely useful assurance demands.

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How we deliver audit

Every audit begins with a planning conversation between our engagement partner, the manager who will run the fieldwork day to day and the people inside your business who hold the operating reality of the numbers.

That conversation shapes the risk assessment, the scope and the timetable

From there, our teams work to a structured timetable agreed with you in advance. Fieldwork is led on site or remotely as suits your business, with weekly progress points so there are no end-of-audit surprises.

Issues that emerge are raised when they emerge and worked through in dialogue with finance, rather than aggregated into a year-end findings letter that lands too late to be useful.

The closing meeting is a substantive conversation about what the audit has told us and how your business moves forwards aimed with the insights we provide.

Our Audit and assurance expertise

Across every engagement, three things define the experience of working with us:

Senior involvement throughout 

Partners and senior managers are present in the work, not just at the planning and signing stages. The judgement applied to the difficult areas of your audit comes from a position of significant experience across a wide range of sectors.

Sector intelligence brought to bear

We test your numbers against what we see in comparable businesses we audit and advise. Where margins, working capital cycles or KPIs sit outside the range we typically see, we say so and we explore why.

Findings that inform the boardroom

Audit observations are framed for the people who will act on them. Control recommendations are practical, prioritised and presented in terms that translate into management agendas.

Boards engage us – whether for a statutory audit or to build assurance behind their financial reporting – because they want an auditor who knows the territory, challenges the right things and acts as a genuine guide through the complexity of the work.

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Here is what our clients have to say… testimonial icon


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Macalvins have been running the Payroll and Pension Plan for Hayes & Yeading United Football Club for over 10 years.… Read more

Bernard Bitmead

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I love the people of macalvins. they are warm and very dependable. and that what matters to me in any… Read more

SUJOY GHOSH

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I have been MaCalvins for the past 6 years and I have found them excellent in every department. They manage… Read more

John Gill

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I’ve been with MaCalvins since 2013, they are managing my company business accounts and my personal tax returns in a… Read more

Taghreed Altuhafi

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Excellent service and understanding of our business needs

Kanesh Rajani

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Thank you Macalvins for excellent service over the years

S Hodzic

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Why choose Macalvins?

With our team, you get precision, continuity and the kind of considered advice that comes from people who know your numbers as well as you do.

As a Top 100 UK accountancy firm with international reach through PrimeGlobal, Macalvins brings that depth of expertise to every client, at every stage of growth.

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Frequently Asked Questions faq

Does my company need a statutory audit?

Most UK companies only need an audit if they’re not eligible for the small companies exemption. You qualify as small and can usually enjoy an audit exemption, if you meet at least two of three conditions:
• Turnover no more than £15 million
• A balance sheet total no more than £7.5 million
• No more than 50 employees on average
These are the thresholds that took effect for financial years starting on or after 6 April 2025. You need to meet the small company test in two consecutive years to claim exemption and you need to exceed it in two consecutive years before an audit becomes compulsory again.

Are there companies that must be audited regardless of size?

Yes. Public companies, most companies operating in regulated financial services and certain other regulated entities, such as charities, cannot claim the small company’s exemption no matter how small their turnover or balance sheet. Subsidiaries within a larger group also need to look at the group’s aggregate figures, not just their own, before concluding they’re exempt.

Can shareholders force an audit even if we're exempt?

Yes. Shareholders holding 10% or more of the shares in a company can require it to have a statutory audit for a given year, even where the size thresholds would otherwise allow exemption. This request needs to be made in the right form and within the time limits set out in the Companies Act.

Why might we choose an audit even if we're exempt?

A voluntary audit can support a funding application, satisfy a lender’s covenant, reassure investors or meet a customer’s procurement requirements. Growing businesses sometimes commission one ahead of a sale or restructure, when independently verified figures carry more weight with buyers and advisers.

What does the audit process actually involve?

An auditor examines your financial statements and the records behind them, testing evidence rather than checking every transaction. The scope depends on your sector and risk profile. Expect planning and risk assessment, fieldwork covering key balances and transactions and a final report setting out the auditor’s opinion on whether the accounts give a true and fair view.

Is an audit just a year-end exercise?

Not with the right approach. Rather than a single intense period around your filing deadline, a well-run audit works best as an ongoing relationship. Early engagement lets your auditor understand how your business is trading through the year, flag potential issues before they become last-minute problems and plan fieldwork around your busiest periods rather than against them. Regular contact throughout the year also means fewer surprises at the final stage, since queries get resolved as they arise rather than stacking up for one intensive review.

How long does a statutory audit take?

Timescales vary with the size and complexity of the business and with how well prepared your records are going in. A straightforward audit for a smaller company might run over a few weeks, while a larger or more complex group can take longer. Starting the conversation with your auditor well ahead of your filing deadline gives more room to resolve queries without pressure.

What happens if we don't have an audit when one is required?

Filing unaudited accounts when a statutory audit is required is a breach of the Companies Act. Companies House can reject the accounts and directors can face penalties. If you’re unsure whether the exemption applies to your business, it’s worth getting that checked before your year end rather than after.

What's the difference between a statutory audit and other types of assurance?

A statutory audit is a legal requirement under the Companies Act, giving an opinion on the whole set of financial statements. Other forms of assurance, such as agreed-upon procedures or a review engagement, are narrower in scope and chosen voluntarily, often because a lender or third party asks for a lighter-touch check on specific figures rather than a full audit.

How do we prepare for our first statutory audit?

Good preparation makes the biggest difference to how smoothly an audit runs. Useful groundwork includes reconciling your key accounts before the auditor arrives, gathering supporting documentation for significant transactions and agreeing a timetable with your audit team early. A pre-audit conversation with your accountant can also flag likely questions before they come up mid-fieldwork.

Mr. Jackson
@mrjackson