Audit Services

An audit provides an independent examination of an organisation’s financial statements, including balance sheet, income statement, cash flow statement and related disclosures. An audit will determine whether an organisation’s financial statements are reliable and whether they represent the organisation’s financial performance and position accurately by being free from material misstatement.

For HaysMac, a good audit is not just about compliance and number checking, it will also reduce risk, improve your financial reporting and enhance decision-making across your organisation. Audit services also help to identify operational inefficiencies, and can provide key stakeholders with confidence that an organisation’s financial systems and internal controls processes are operating effectively.

Audits are essential in any sector, but particularly for private equity-backed businesses as they ensure financial transparency, increase investor confidence, uncover risks, and ultimately drive growth. Learn more about audits for PE-backed businesses.

On average, an audit is likely to take around three months from start to finish, however it can take anywhere from a couple of weeks to nine months, depending on a number of factors, including: The size of your organisation, whether you operate globally, how complicated your activities and financial statements are, how highly-regulated your sector is, and whether you’ve prepared in advance.

By keeping your financial records up to date throughout the year, thoroughly preparing for your audit, and keeping in close communication with your auditors, you will be able to speed up the length of time your audit takes.

There is a lot of preparation work that goes into a successful audit. To ensure your organisation is fully prepared for an audit, you need to:

• Ensure all financial records and documents are up to date and fully organised.
• Reconcile all accounts and verify balances to ensure they match accounting records.
• Conduct your own internal audit to identify any weaknesses or discrepancies that can be proactively addressed ahead of your external audit.
• Document internal control processes and review them to ensure they function properly and comply with relevant regulations.
• Communicate regularly with your chosen auditor to ensure both parties have everything they need for a smooth audit process.
• Discuss scope and timelines with your auditor before the audit begins.

For more information take a look at our guide to preparing for an audit.

To ensure a successful audit can be conducted, you will need to supply the following documents:

• Accounting records
• Balance sheet and income statement with relevant invoices, receipts and evidence
• Internal control process manuals
• VAT returns and Corporation tax calculations/returns
• Stock reports
• Payroll information, including salaries, tax deductions and National Insurance contributions
• A list of any trade debtors and creditors
• A list and support for other recognised assets and liabilities
• Organisation structure chart
• Relevant bank statements
• Share register and other corporate documents
• Record of assets owned by your organisation

There might be different documents required, depending on your sector and whether you are a non-profit organisation.

Audited accounts are financial statements that have been examined by an independent, qualified auditor to ensure the records are accurate and representative of the company’s true financial performance and position.

Not all organisations in the UK will need to have their accounts audited. You will need a statutory audit if your company meets at least two of the following requirements:

• an annual turnover of more than £15 million
• a balance sheet total of more than £7.5 million
• more than 50 employees on average

The requirements are different for charities and non-profit organisations. If you meet either of the following criteria, you will need to be audited (thresholds effective from October 2026):

• Income over £1.5 million
• Gross assets over £5 million and income over £500,000

Most small organisations will not need an audit as they will not meet the requirements. However, if any organisation has a shareholder with 10% ownership or higher, they can legally request a statutory audit, regardless of the above requirements.

Some companies can be exempt from being audited, such as dormant companies. There are also several types of organisations that require a statutory audit, even if they don’t meet the requirements, including:

• Public companies
• Insurance companies
• Any business involved with banking (or issuing e-money)
• Markets in Financial Instruments Directive (MiFID) investment firms or Undertakings for Collective Investment in Transferable Securities (UCITS) management companies
• Scheme funders of a master trust pensions scheme or special register bodies

Find out more information about audit eligibility and exemptions.

You can file audited accounts electronically via commercial software or by sending paper accounts to Companies House by post. However, from 1 April 2027 all accounts must be filed using commercial software. Your accountants or auditors will be able to file accounts using their software.

Accounting involves analysing and reporting on the financial health and profitability of an organisation. Typically, accountants will focus on day-to-day operations, financial records and taxes. Auditing, on the other hand, is the process of verifying the financial information provided by accountants.

While auditing only happens periodically, accounting is a continuous process that organisations follow throughout the year. However, they work hand-in-hand, and both aim to manage risk, increase financial transparency, enhance decision-making and drive growth.