Frequently Asked Questions

At Jack Ross Audit, your financial complexities are our primary concern. As specialists in auditing services, we are dedicated to crafting bespoke solutions that precisely align with your business’s unique requirements. Our seasoned auditors employ cutting-edge methodologies to streamline and elevate your financial management practices. Whether it’s conducting in-depth risk assessments, auditing financial statements, or providing real-time financial analytics, our client-focused approach is at the heart of what we do. Questions about how we can transform your financial landscape? Browse through our comprehensive FAQs below, which cover everything from our auditing techniques to the measurable impacts of our services. Need more information? Our dedicated auditing professionals are just a click away.

What is a statutory audit in the context of UK regulations?

A statutory audit is a legally required examination of the financial statements of a company to ensure accuracy and compliance with UK accounting standards and regulations.

Why are statutory audits important in the UK?

Statutory audits are crucial for maintaining transparency, enhancing investor confidence, and ensuring corporate governance. They also help in fraud detection and ensure compliance with UK tax laws.

Which companies are required to undergo a statutory audit in the UK?

Companies that exceed certain thresholds related to turnover, balance sheet total, or number of employees are usually required to undergo a statutory audit.

What are the key steps involved in a statutory audit?

The process usually involves planning, gathering evidence, examining financial statements, and issuing an audit report.

How long does a statutory audit typically take in the UK?

The duration can vary but usually takes several weeks to a few months, depending on the complexity of the company’s finances.

Who can perform a statutory audit in the UK?

Only auditors who are registered and regulated by a recognised supervisory body in the UK can perform a statutory audit.

How are auditors appointed for a statutory audit?

Auditors are usually appointed by the shareholders of the company, often on the recommendation of the audit committee.

What does a statutory audit report contain?

The report provides an auditor’s opinion on whether the financial statements present a true and fair view of the company’s financial position.

What happens if discrepancies are found during the statutory audit?

The auditor will report the discrepancies and may issue a qualified or adverse opinion, depending on the severity and impact of the discrepancies.

How much does a statutory audit cost in the UK?

The cost can vary widely depending on the size and complexity of the company but generally ranges from a few thousand to several tens of thousands of pounds.

What legal framework governs statutory audits in the UK?

The Companies Act 2006 and standards set by the Financial Reporting Council (FRC) are the primary governing frameworks.

What are the penalties for not complying with statutory audit requirements?

Non-compliance can result in fines, legal action, and a damaged reputation.

Which financial statements are examined in a statutory audit?

The balance sheet, income statement, and cash flow statement are the primary documents examined.

Can a company's tax returns be audited during a statutory audit?

While the main focus is on financial statements, tax returns may also be reviewed for compliance with tax laws.

Is an audit committee necessary for a statutory audit?

While not mandatory for all companies, an audit committee is recommended, especially for larger companies, to oversee the audit process.

How often are statutory audits conducted?

Statutory audits are generally conducted annually.

When should a statutory audit be initiated?

The audit should be initiated soon after the end of the financial year to which the financial statements relate.

What actions should a company take after receiving the audit report?

Companies should address any discrepancies or issues raised and implement recommendations made by the auditor.

Are there any exceptions to the statutory audit requirement?

Small companies that meet certain criteria may be exempt from the statutory audit requirement.

How can a company apply for a statutory audit exemption?

Companies must meet specific conditions outlined in the Companies Act 2006 and file appropriate documents with Companies House to qualify for an exemption.

Client Testimonials

Explore the success stories of audit clients we’ve helped achieve great things.

The Jack Ross Team has been an absolute delight. Professional, nice and fast during the Audit procedure. Thank you Jack Ross Team. Engaging with the Jack Ross Team for our audit was one of the best decisions we've made this fiscal year. I was particularly impressed with their swift and streamlined audit process. Unlike other firms that drag on for weeks, Jack Ross was able to conclude our audit in record time without cutting corners.

Their professionalism is unparalleled; from initial consultation to final report, every interaction was marked by courtesy, respect, and a deep understanding of our unique business needs.

But what surprised me most was their warmth and friendliness; they made a typically stressful process feel almost enjoyable. It's refreshing to work with a team that combines speed and efficiency with such high levels of customer service.

If you're looking for an audit service that respects your time without compromising on quality, then look no further than Jack Ross Audit.

Sofia Carlini

Financial Controller

Excellent service from the Jack Ross Audit Team. They gave us good advice and completed a very efficient audit. They have a friendly and competent team. I would surely recommend them.

I've always considered auditing a cumbersome process, but my experience with the Jack Ross Audit Team has completely changed my perspective. Their service was impeccable from start to finish. The team not only offered us invaluable advice to streamline our financial systems, but they also executed an extremely efficient audit that was far less intrusive than I've experienced in the past.

What truly sets Jack Ross Audit apart, however, is their team. Each member we interacted with was incredibly competent and genuinely friendly and approachable. They made us feel like a valued client rather than just another case file.

If you're unsure which accounting firm to choose for your audit, I can't recommend Jack Ross Audit highly enough. Their blend of professionalism, efficiency, and genuine care for their clients is rare in the financial world.