A statutory audit is a legal requirement, not an interruption. Yet for many businesses it arrives with heavy document requests, pressure on finance teams, and a simple question: will the financial statements withstand scrutiny when lenders, regulators, or shareholders review them?
Our work focuses on the financial reporting risks that matter, the accounting treatments behind the numbers, and the evidence supporting them.
Our auditors issue an independent opinion on whether financial statements present a true and fair view under UK company law, FRS 102, and the International Standards on Auditing (ISAs). We conduct statutory audits under the Companies Act 2006 and perform review engagements or agreed-upon procedures where a full audit is not required.
If you are unsure whether your organisation requires a statutory audit or another assurance engagement, we can assess the position and advise on the appropriate approach.
Legend Fusions is the UK advisory brand evolved from Legend Financial & Tax Advisers, unifying tax, compliance, and advisory services under one international group.
Serving clients in London, Bolton, Milton Keynes and throughout the UK.
Not all assurance is the same. The level of scrutiny, the procedures performed, and the opinion issued vary depending on the service you choose.
| Service | Level of Assurance | Best For | Key Procedures |
|---|---|---|---|
| Statutory Audit | Reasonable assurance (highest level) | Companies required by law; stakeholders needing maximum confidence | Risk assessment, controls testing, substantive procedures, verification of balances |
| ISRE 2400 Review | Limited assurance (moderate level) | SMEs, lender requirements, stakeholder comfort without full audit cost | Enquiries, analytical procedures, management representations |
| Agreed-Upon Procedures | No assurance (factual findings only) | Grant verification, specific balance checks, targeted investigations | Procedures agreed with the engaging party; no opinion issued |
| Independent Examination (Charities) | Review-level scrutiny | Charities below audit threshold; Charity Commission requirements | Records review, restricted fund checks, governance assessment |
Still unsure? Speak to our team. We will help you determine the right level of assurance for your situation.
A company qualifies for audit exemption if it meets the small company criteria and satisfies two of the following three thresholds in the financial year
|
Threshold
|
Current Limit
|
|---|---|
|
Annual turnover
|
Not more than £10.2 million
|
|
Balance sheet total
|
Not more than £5.1 million
|
|
Number of employees
|
Not more than 50
|
Source: Companies Act 2006 (sections 477-479). Thresholds are subject to change. Always confirm current limits with a professional.
|
Charity Type
|
Audit Threshold
|
|---|---|
|
Gross income over £1 million
|
Full audit required
|
|
Gross income over £250,000 and gross assets over £3.26 million
|
Full audit required
|
|
Below these thresholds
|
Independent examination may be sufficient (see CC31/CC32)
|
Unsure if you qualify? We’ll review your situation and confirm your obligations.
We agree scope, timeline, and fee structure upfront. A clear engagement letter outlines responsibilities.
We provide a customised document request list. No last-minute surprises.
We identify key risks and set materiality. Our approach targets what matters most.
We test controls and perform substantive procedures. Queries are raised as they arise.
We present preliminary findings and discuss adjustments.
We issue the signed audit report with actionable recommendations.
To begin the audit engagement, we typically request:
|
|
|
|---|---|
|
Planning and risk assessment
|
1–2 weeks
|
|
Fieldwork
|
2–6 weeks (depending on size)
|
|
Reporting and finalisation
|
1–2 weeks
|
|
Total
|
6–10 weeks for standard private company audits
|
Initial consultation within 48 hours. Clear timeline and fixed-fee quote provided upfront.
“Legend Fusions is the UK advisory brand evolved from Legend Financial & Tax Advisers, unifying tax, compliance, and advisory services under one international group. …”
