Audit
Audit services
Vision Consulting provides statutory and voluntary audit services for a wide range of UK organisations, including private companies, owner managed businesses, UK subsidiaries of overseas groups, charities, and other entities requiring an independent audit. We are registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales. Our audit work is led by David A White MMath, FCA, CTA, who has overall responsibility for audit quality, technical standards, and regulatory compliance across the firm.
Our audit clients range from established private businesses and growing companies to group subsidiaries and charitable organisations preparing accounts under the Charities SORP. We also act where an audit is required by law, requested by shareholders, lenders or funders, or undertaken voluntarily to provide greater assurance to stakeholders.
Many of the organisations we audit already work with Vision Consulting across tax, accounting, or advisory services. Where we provide audit and non audit services to the same client, we ensure that our work is carried out in accordance with the relevant ethical, independence, and regulatory requirements.
Our audit clients range from established private businesses and growing companies to group subsidiaries and charitable organisations preparing accounts under the Charities SORP. We also act where an audit is required by law, requested by shareholders, lenders or funders, or undertaken voluntarily to provide greater assurance to stakeholders.
Many of the organisations we audit already work with Vision Consulting across tax, accounting, or advisory services. Where we provide audit and non audit services to the same client, we ensure that our work is carried out in accordance with the relevant ethical, independence, and regulatory requirements.
What our audit work covers
A statutory audit is an independent audit of an entity’s financial statements. For UK companies, this includes considering whether the financial statements have been properly prepared in accordance with the applicable financial reporting framework, such as UK GAAP or UK adopted international accounting standards, and the requirements of the Companies Act 2006. The audit opinion states whether the financial statements give a true and fair view.
Our audit work covers a wide range of statutory and voluntary assignments. This includes audits of private companies and groups, UK subsidiaries of overseas headquartered groups, charities and not for profit organisations, and entities where an audit is required by shareholders, funders, lenders, group auditors, constitutional documents, or other stakeholders.
For owner managed and privately owned companies, we act where an audit is required under the Companies Act 2006 or where the directors or shareholders choose to have an audit voluntarily. For UK subsidiaries of overseas groups, we can act as statutory auditor and, where required, as component auditor reporting to the parent company’s group auditor. For charities and not for profit organisations, we carry out audits of accounts prepared under the Charities SORP, where an audit is required by law, the charity’s governing document, funders, or the trustees.
Where an entity falls below the statutory audit thresholds, we can also provide voluntary audits and independent assurance reviews. These are often used where stakeholders require additional comfort beyond unaudited accounts, for example in connection with funding, shareholder arrangements, acquisitions, disposals, refinancing, or other transactions.
Our audit work covers a wide range of statutory and voluntary assignments. This includes audits of private companies and groups, UK subsidiaries of overseas headquartered groups, charities and not for profit organisations, and entities where an audit is required by shareholders, funders, lenders, group auditors, constitutional documents, or other stakeholders.
For owner managed and privately owned companies, we act where an audit is required under the Companies Act 2006 or where the directors or shareholders choose to have an audit voluntarily. For UK subsidiaries of overseas groups, we can act as statutory auditor and, where required, as component auditor reporting to the parent company’s group auditor. For charities and not for profit organisations, we carry out audits of accounts prepared under the Charities SORP, where an audit is required by law, the charity’s governing document, funders, or the trustees.
Where an entity falls below the statutory audit thresholds, we can also provide voluntary audits and independent assurance reviews. These are often used where stakeholders require additional comfort beyond unaudited accounts, for example in connection with funding, shareholder arrangements, acquisitions, disposals, refinancing, or other transactions.
How an audit is run and who leads it
Our audit work is led by David A White MMath, FCA, CTA, Head of Audit. David is a Fellow of the Institute of Chartered Accountants in England and Wales and a member of the Chartered Institute of Taxation. He previously worked at EY in the UK and Australia, before spending a significant part of his career as a consultant at HAT, SWAT and Mercia, supporting accountancy practices with audit, financial reporting, tax, file reviews and technical training.
Day to day audit processes are managed by senior members of our team, with David providing oversight and final review. This ensures each audit is planned, supervised and completed in line with the relevant professional, ethical and regulatory standards.
Day to day audit processes are managed by senior members of our team, with David providing oversight and final review. This ensures each audit is planned, supervised and completed in line with the relevant professional, ethical and regulatory standards.
Scope, timetable and what to expect
An audit takes between four and twelve weeks from planning to signed report, depending on company size, the state of the underlying records, and group or regulatory complexity. We agree scope, key dates, and signing date in writing before the engagement begins. We also provide an information request list so management can prepare the records and supporting documents needed for the audit.
A typical audit includes planning, risk assessment, walk throughs of key controls, interim work where appropriate, year end fieldwork, substantive testing, sample selection, third party confirmations, completion review, the audit report and, where relevant, a management letter on systems and controls.
Our audit team is supported by an in house back office, working under David or the senior manager leading the engagement. This improves efficiency while maintaining senior oversight of the audit process.
The new audit thresholds from April 2025
For accounting periods beginning on or after 6 April 2025, the size thresholds that determine whether a UK company is required to have a statutory audit increased for the first time since 2016. A company is now required to have an audit if it meets two of three tests: turnover above £15m (previously £10.2m), balance sheet total above £7.5m (previously £5.1m), and an average of more than 50 employees in the financial year (unchanged). Eligibility is assessed across the current and prior year, with a transitional provision allowing companies to apply the new figures to the comparative year on first adoption.
Companies House estimates around 14,000 UK companies will move out of the audit requirement under the higher thresholds. ICAEW estimates a further 113,000 companies and LLPs will move from small to micro-entity status. Several categories of company remain in the audit regime regardless of size: public companies, FCA-authorised firms, certain insurance and pension entities, members of groups that exceed the group thresholds, and any company where shareholders holding 10% or more of the nominal value of issued shares request an audit. UK subsidiaries of non-UK-headed groups cannot rely on the parent guarantee exemption.
Speak to us about your audit
If your company has crossed the audit thresholds for the first time, your current auditor’s appointment is ending, or you are considering a voluntary audit, we can offer a free 30 minute consultation with David. The call will aim to cover your company’s position, whether an audit is required, expected scope, timetable, and the information likely to be needed before an engagement can begin.
Call us on 020 8554 2135 or email david.white@visionconsulting.co.uk to arrange a consultation.
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