Audit Services in London & Hertfordshire

Complete peace of mind

That’s what audit services from Rayner Essex give you.

We can make sure your accounts are in good shape and fully compliant with statutory and/or regulatory requirements. If, during the audit process, we identify there are weaknesses in your company’s systems and controls, we will make recommendations for how you can rectify or improve them. Or we can provide an in-depth risk assessment and real insight into your finances.

Whatever you need us for, you can trust Rayner Essex to perform comprehensive audits, statutory reporting or assurance engagements.

Why use audit services from Rayner Essex?

We have more than 50 years’ experience, working with businesses of all sizes and from a wide variety of industries. Our reputation and track record is built upon diligence and dedication – an ethos exemplified by our audit team.

With our range of auditing services, you’ll benefit from complete peace of mind thanks to a fixed point of contact who you’ll build a trusted relationship with. The uniquely personal and flexible approach coupled with our extensive experience is what sets us apart.

What you can expect from our audit services

A high level of expertise and experience, without the costs associated with a top 20 firm
A relationship-driven partner-led approach, giving you a fixed point of contact and dedicated team
Full engagement and a commitment to resolving issues uncovered
Agile working practices that respond to your needs
The ability to work on-site or remotely, anywhere in the UK

We can also provide group reporting, special reporting and component audits for subsidiaries. In addition to all this, our accomplished audit team also deals with regulatory reporting, due diligence on acquisitions, and accounting procedures documentation and review.

As Rayner Essex is a traditional-style firm, audit clients can also benefit from taxation (corporate and personal), payroll, accounting and company secretarial services.

What audit services do you provide?

Statutory audits

A statutory audit is legally required for firms including public companies, banks, investment firms, and insurance companies. Our statutory audit service reviews the accuracy of financial statements and records to determine whether it’s a fair and accurate representation of financials. Information such as bank balances, bookkeeping records and transactions will all be examined.

Component audits for subsidiaries

A UK company may be part of an international group and, as a result, the auditors require specified procedures to be carried out on certain account balances within the UK company’s accounts. We can act as component auditors and liaise with the group’s auditors to agree the scope of work and then present our findings. This work will then be used by the group auditors to then form an opinion on the consolidated accounts of the group.

Group audits

If a UK company controls other entities then it heads a group and may need to prepare consolidated financial statements and have these audited. We have a vast amount of experience in acting as group auditors and are also members of INPACT Global should you require an introduction to potential auditors for one of the company’s overseas subsidiaries.

We will oversee the whole group audit process, liaising with component auditors and dealing with different currencies and accounting standards to ensure that the group audit is completed within the required timeframes.

Does your company need an audit?

You may qualify for an audit exemption if your company meets at least two of these criteria:

Annual turnover of £10.2m or less

Gross assets worth £5.1m or less

50 or fewer employees
(on average)

Why is it worth having an audit carried out for your business?

There are several advantages to having an external audit carried out for your business that extend far beyond simply spotting accounting mistakes.

Credibility – An audit gives the perception of a level of external scrutiny on a company’s statutory accounts that otherwise might not be present. This can give third parties such as customers, suppliers and lenders additional comfort that might not be available from a simple set of unaudited statutory accounts.
Improves internal systems – when auditing your business, we’ll look for ways that your internal processes and systems can be improved and make recommendations to management.
Identifies risks – any weakness or future risks can be flagged in an audit ensuring that you meet statutory requirements and regulations. This can help you put preventive measures in place and ensure you meet your statutory obligations.
Increases value – having efficient systems and control in place that minimise financial risk is a great way to add value to your company, often providing company improvements, transparency and trust.
Boosts shareholder confidence – having an external independent auditor look at financial statements gives investors peace of mind that a company is being run well and is fully compliant, and makes the company more attractive to potential investors, lenders and shareholders.
Future sale of the business – if you are intending to sell your company in the short to medium term then you may consider it beneficial to have your company voluntarily audited. The process can identify potential issues which can then be rectified before any potential sales process and also provides increased credibility from the outset of any negotiations.

What’s the difference between audit and assurance?

A business or stakeholder may identify a particular need to gain assurance in a specific area of the company’s accounting function or financial statements. We work together with our clients to agree on a specific scope of work, the procedures to be carried out and a limited assurance report is issued to the company once we have completed our work.

An assurance review provides less assurance than an audit but more than a standard accountants’ report. Examples of the type of assurance work which a company may wish to be carried out are a review of the effectiveness of the company’s internal controls and IT systems, due diligence reporting and a review of grant claims.

Audit & assurance FAQs

How long does an audit take?

This will vary depending on the complexity of the company, number of transactions during the year and if we identify any significant issues during the audit process. We will agree an audit timetable with you at the outset so that the audit is carried out during a period which is convenient for you, whilst ensuring that any reporting deadlines are met. We will keep you updated throughout the audit process so that you are aware of the status of our work and we can all agree on a plan to completion.

Can you decide which areas of your business to audit?

The statutory audit process is governed by International Auditing Standards and whether we deem an area to be material to the company’s financial statements. So it is not really possible for you to decide which areas of your business we audit. However, through discussions with you, we can identify areas of potential risk and tailor our testing accordingly.

How confidential is the audit process?

Confidentiality is at the heart of our ethics at Rayner Essex and information from audits is never shared with people who are not authorised to access it. Written consent from a client is required before sharing any confidential audit information with a third party. If the company is non-small then our full audit report will be filed online with Companies House as part of the annual company’s accounts. If your company is small, reference to our audit report conclusion will be made in the company’s filleted accounts.