Statutory Audits for Small Businesses and Start-ups

Our understanding

Business audits aren’t just a distraction or a hindrance to the day-to-day operations. We aim to provide you with a service that is far more than that. Here at Wisteria, we will assist you in identifying issues within systems and ensure that your business remains compliant with sufficient checks and safeguards in place to protect against unexpected issues.

We have a small number of clients who don’t meet the legal requirements to require an audit, but they choose to do so for transparency and as good corporate governance. This is a good idea if your business is fast-growing and a sale or fundraising round is likely in 1-3 years.

In addition, there may be regulatory reasons why your business requires an audit. For example, if you’re operating a client account (e.g. solicitors), certain financial services businesses, or charities.

How we can help

Of course, no matter what the scenario, it is natural to hope that the audit process causes minimal distraction for your finance team. Effective communication is key to minimise disruption. At the outset, we will define the objectives and agree on a realistic timetable which will highlight key stages and deliverables.

During the audit itself, we will bring your attention to significant issues as they arise. At the conclusion, we will report on any weaknesses in your systems and make recommendations that will prevent fraud and error.

Our small business audits are based on a risk assessment of the business. This way, our work will be tightly focussed on the areas of most significance or those that have the greatest risk of error.

Our team has experience working with a wide variety of sectors. Together with a deep understanding of your business, this will ensure that your small business audit is not only compliant with UK and International standards of accounting, but it will also add value to your business.