Audit Services in London & Hertfordshire

Complete peace of mind

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

Our Chartered Accountants provide expert audit and assurance services to businesses across London and throughout the UK.

A statutory audit provides more than reassurance that your financial statements have been prepared in accordance with the relevant financial reporting requirements. It can also give shareholders, lenders and other stakeholders greater confidence in your financial information and provide valuable insight into your business.

Our experienced auditors take the time to understand your business, its financial reporting risks and the systems and controls relevant to the audit. Where we identify weaknesses or opportunities for improvement, we provide clear, practical recommendations to help strengthen your financial processes and controls.

Whatever your audit and assurance requirements, Rayner Essex combines technical expertise with constructive challenge and practical insight to strengthen your financial processes and support informed business decisions.

Speak to our audit and assurance specialists today

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 £15m or less

Gross assets worth £7.5m 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.

When does a company need a statutory audit in the UK?

A company may need a statutory audit if it does not qualify for audit exemption under the UK small company rules. For financial years beginning on or after 6 April 2025, a company will generally qualify as small if it meets at least two of the following criteria: annual turnover of no more than £15 million, gross assets of no more than £7.5 million and an average of no more than 50 employees.
However, some companies may still require an audit because of their group structure, regulatory requirements, governing documents or requests from shareholders, lenders or investors.

Does a small company still need an audit?

Yes. A small company may still need an audit even if it falls below the statutory audit thresholds. This can happen because it is part of a larger group, operates in a regulated sector or has an audit requirement within its governing documents. Shareholders may also request an audit in certain circumstances.
If you are unsure whether your company qualifies for audit exemption, it is important to consider both the company’s individual circumstances and its wider group structure.

Can a company choose to have an audit if it is exempt?

Yes. A company can choose to have an audit even when there is no statutory requirement to do so. A voluntary audit can provide additional assurance over financial information and may help businesses meet the expectations of shareholders, lenders, investors or other stakeholders.

It can also provide greater confidence in financial controls and identify areas where processes could be strengthened.

Testimonial

We are extremely pleased with the service provided. The team is friendly, approachable and highly professional, and always available to offer clear advice and practical guidance. Their personal approach and responsiveness make them a valued and trusted partner.

Rory McDonald, Timac Agro UK Ltd.

Meet our audit and assurance experts

If you want to find out more or to discuss your specific business requirements, don’t hesitate to get in touch. Our Chartered accountants in London and St Albans accountants below will be happy to help.

Simon Essex

Partner

Contact Simon Essex

Antony Federer

Partner

Contact Antony Federer

Darren Hill

Partner

Contact Darren Hill

Lucy Ghawss

Partner, Head of Audit

Contact Lucy Ghawss

Alex Walsh

Director

Contact Alex Walsh

Speak to us about our audit services today

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Audit & Assurance Services

Complete peace of mind

Why use audit services from Rayner Essex?

What you can expect from our audit services

What audit services do you provide?

Statutory audits

Component audits for subsidiaries

Group audits

Does your company need an audit?

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

What’s the difference between audit and assurance?

Audit & assurance FAQs

Testimonial

Meet our audit and assurance experts

Simon Essex

Antony Federer

Darren Hill

Lucy Ghawss

Alex Walsh

Speak to us about our audit services today

Related News

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