Audits costs depends on company size, complexity and transaction volume. Factors such as industry, turnover and internal systems can affect pricing too. At Onyx Accountants, we provide tailored audit quotes based on your specific business needs. 

Your company is usually exempt if it meets at least two of these criteria’s: 

• Annual Turnover of £10.2 million or less 
• Total assets worth £5.1 million or less 
• 50 employees or fewer

For the Audit, your accountant will need access to accurate, well organised financial records. 

The documents below form the foundation of any audit: 

• Year end Financial statements 
• Trial Balance 
• General Ledger 
• Previous years accounts (for comparison) 

An audit is a regulated examination of your financial statements. An independent examinations is a simpler, lower cost review. 

• Limited Companies – audits (if above the thresholds) 
• Charities – often independent examinations 
• Growing organisations – voluntary audits for credibility

Planning (1-2 weeks) – Understanding your business, risks and systems

Fieldwork (1-3 weeks) – Reviewing documents, Sample testing and gathering evidence 

Completion & Reporting (1- 2 weeks) – Final checks and issuing the audit report