# Statutory Audit Services

Pick My Accountant (https://pickmyaccountant.co.uk/services/audit/): Statutory Audit Services — Compare statutory audit services for UK companies above the audit threshold — independent audits from registered auditors. Request quotes today. A private limited company may skip a statutory audit if, for years beginning on or after 6 April 2025, it has at least two of: turnover no more than £15 million, assets no more than £7.5 million, 50 or fewer employees. Years beginning before that date used £10.2 million / £5.1 million / 50. Only a registered auditor can sign the report. Fees are quoted per engagement — we do not invent a monthly audit price.

For financial years beginning on or after 6 April 2025, a private limited company may be exempt from audit if it has at least two of: annual turnover of no more than £15 million, assets worth no more than £7.5 million, 50 or fewer employees. Companies that fail those tests — and some regulated businesses and groups whatever their size — usually need a statutory audit. An audit must be carried out by a registered auditor; the same firm cannot always prepare the accounts it audits. Fees are quoted per engagement, not as a monthly package.

## At a glance

- **£15m / £7.5m / 50** — Exemption tests from 6 Apr 2025
- **At least 2 of 3** — To qualify as exempt
- **Registered auditor** — Who can sign
- **Per engagement** — How fees are quoted

## Who this is not for

Skip this page if you need a Companies House accounts filing or a CT600 — that is not an audit. Skip it if you want an “audit” of your bookkeeper’s coding; ask for an accounts review. Statutory audit is a legal engagement by a registered auditor, not a synonym for thorough bookkeeping.

## Does my UK company need a statutory audit?

Usually yes if it fails the small-company exemption. For financial years beginning on or after 6 April 2025 you may be exempt if you have at least two of: turnover no more than £15 million, assets no more than £7.5 million, 50 or fewer employees. Groups, public-interest entities and some regulated businesses need an audit regardless.

A company typically has to meet the size tests for two consecutive years to change status, with transitional rules around the 2025 change. Confirm your exact position on GOV.UK — thresholds move, and we date ours from the 17 July 2026 regulatory review. Articles of association can still require an audit even if you are small.

## What changed on 6 April 2025?

The small-company audit exemption thresholds rose. Years beginning on or after 6 April 2025 use £15 million turnover, £7.5 million assets, and 50 employees. Years beginning before that date used £10.2 million / £5.1 million / 50. Using the old numbers on a 2026 year-end is a mistake.

If your year started before 6 April 2025, the old limits still apply to that year. Do not assume you dropped out of audit without checking both the year-start date and the two-year rule. A registered auditor should confirm this in writing.

## Who can carry out a statutory audit?

Only a registered auditor — a firm registered with a recognised supervisory body such as ICAEW, ACCA or ICAS, with a named responsible individual signing the report. Ask for the firm's registration before engaging. A bookkeeper or an unregistered “accountant” cannot sign a statutory audit.

Ethical rules often stop the same team preparing and auditing the same accounts. Many companies use separate firms for accounts preparation and audit. That split is normal, not a snub.

## How much does a statutory audit cost?

Audit fees are quoted per engagement, not as a monthly package. Small audits commonly run into the low thousands of pounds a year and rise with group structure and sector. We do not put a fake monthly fee on this page — get itemised quotes.

Get several quotes that name whether the same firm also prepares the accounts. Independence rules can force a split. We never invent an audit fee when a listing has not published one.

## Can my accountant also be my auditor?

Sometimes, but ethical rules restrict acting where the auditor would be reviewing their own work. Many companies use separate firms for accounts preparation and audit. Ask each firm how they manage independence before you assume one letter covers both.

A cheaper combined quote that breaks independence rules is not a bargain. If you are close to the size tests, ask about an accounts review or assurance engagement as a different product — it is not a statutory audit.

## What is the difference between an audit and year-end accounts?

Year-end accounts are the filings most small companies already make. A statutory audit is an independent opinion on those accounts by a registered auditor. Calling your bookkeeper “doing an audit” does not make it one.

Micro and small companies that are exempt still file accounts with Companies House. They do not file an auditor's report. If a lender or investor wants extra comfort, that is a separate engagement — name it.

## How should I choose an audit firm?

Confirm they are a registered auditor, then compare itemised quotes that name group structure, locations and whether they also prepare accounts. Sector experience matters more here than on a micro-company bookkeeping quote. Skip anyone who quotes a monthly “audit package”.

ICAEW and ACCA find-a-member tools are the right starting point. Check the named responsible individual, not just the brand. Timetable the fieldwork around your year end — cheap quotes that start late miss Companies House.

1. Confirm you actually need an audit under the current size tests
2. Ask for the supervisory-body registration and named RI
3. Get itemised quotes, including whether accounts preparation is separate
4. Agree a fieldwork timetable that hits the Companies House date

## FAQs

**Q: Does my company need a statutory audit?**
A: For financial years beginning on or after 6 April 2025, a private limited company may be exempt if it has at least two of: turnover no more than £15 million, assets no more than £7.5 million, 50 or fewer employees. Groups, public-interest entities and some regulated businesses need one regardless. Confirm on GOV.UK.

**Q: What were the old audit thresholds?**
A: For financial years beginning between 1 January 2016 and 5 April 2025, the tests were £10.2 million turnover, £5.1 million assets, and 50 employees. Use those figures only for years that started before 6 April 2025.

**Q: Who can carry out a statutory audit?**
A: Only a registered auditor — a firm registered with a recognised supervisory body such as ICAEW, ACCA or ICAS, with a named responsible individual signing the report. Ask for the firm's registration before engaging.

**Q: How much does a statutory audit cost?**
A: Audit fees are quoted per engagement and scale with turnover, group structure and sector — small audits commonly run into the low thousands of pounds annually, rising with complexity. Get several itemised quotes. We do not publish a fake monthly price.

**Q: Can my accountant also be my auditor?**
A: Sometimes, but ethical rules restrict acting for the same client where the auditor would be reviewing their own work — many companies use separate firms for accounts preparation and audit. Ask each firm how they manage independence.

**Q: Is a Companies House filing the same as an audit?**
A: No. Most small companies file accounts without an auditor's report. A statutory audit is an extra legal engagement. Do not buy an audit if you only need accounts and a CT600.

## Sources

- [GOV.UK — Audit exemptions for private limited companies](https://www.gov.uk/audit-exemptions-for-private-limited-companies) (checked 2026-07-17)
- [ICAEW — Find a chartered accountant](https://find.icaew.com/) (checked 2026-08-31)
- [Pick My Accountant methodology](https://pickmyaccountant.co.uk/methodology/) (checked 2026-08-31)

## Related

- [Limited company accountants](https://pickmyaccountant.co.uk/services/limited-company/)
- [Do I need an accountant for a limited company?](https://pickmyaccountant.co.uk/answers/do-i-need-an-accountant-for-a-limited-company/)
- [What is a chartered accountant?](https://pickmyaccountant.co.uk/answers/what-is-a-chartered-accountant/)
- [Compare accountants](https://pickmyaccountant.co.uk/compare/)

Source: https://pickmyaccountant.co.uk/services/audit/