Audit and assurance can be more than just a regulatory exercise.
The rigour of an audit can deliver benefits across your organisation beyond statutory compliance.
Financial audits can provide opportunities to strengthen governance, enhance transparency and build confidence among investors, lenders and other stakeholders.
At ML Audit, we deliver independent, high-quality audit and assurance services that meet statutory compliance requirements and more.
Whether you require a statutory audit, need assurance for shareholders, lenders or regulators, or are managing more complex reporting requirements, we deliver audit work that is forward-looking, insight-driven and commercially insightful.
Our experienced audit teams work with companies and groups across multiple sectors and industries, from owner managed business to international clients with UK subsidiaries. Our client base is predominantly rooted in the South West, serviced from our offices in Bristol, Bath, Taunton and Yeovil, but our expertise and team work with companies operating nationally and internationally.
Audit services for larger and complex organisations
Our audit and assurance services are designed primarily for larger businesses and groups that:
- Require a statutory audit
- Operate across multiple sites or jurisdictions
- Have complex group structures
- Need to provide assurance to shareholders, lenders, regulators or other stakeholders
Every engagement meets the prerequisite UK and international auditing standards, while providing meaningful insight into financial performance, risk and internal controls.
Through our active membership and participation of MGI Worldwide, we also support cross-border audits and international assurance assignments, ensuring a consistent and coordinated approach wherever you operate.
Approaching statutory audit requirements?
Not every organisation requires a statutory audit today. However, as businesses grow, take on external funding, add shareholders or become part of a more complex group structure, audit requirements and stakeholder expectations can change quickly.
Preparing early can help avoid a difficult first audit. Issues often arise where reporting systems, reconciliations, controls or supporting records have not kept pace with growth.
We support businesses that are approaching audit requirements by helping them understand what will be expected, where pressure points may arise and how to prepare for a smoother transition into statutory audit.
Speak to our audit and assurance team in Bristol, Bath, Taunton or Yeovil
A clear, risk-focused audit process
We plan each audit around your structure, reporting timetable, systems and key risk areas. This allows us to provide a tailored audit approach, focused on the specific risks facing your organisation, so that our work is concentrated where it matters most.
To support an effective audit, every client gets a dedicated audit team to ensure there is support throughout the year and when it is needed most. As a firm we pride ourselves on the training and support given to our colleagues, meaning we have exceptional levels of staff retention. This ensures we are usually able to provide a consistent team year-on-year, further enhancing our ability to give exceptional levels of service to our clients.
From the outset, we agree responsibilities, deadlines and evidence requirements, helping you avoid last-minute pressure and uncertainty. Our senior audit professionals remain involved where judgement, complexity or stakeholder scrutiny requires additional input.
Our audit programmes are designed to:
- Minimise disruption by working around your operations
- Deliver clear insight into financial performance and internal controls
- Identify efficiencies and opportunities for improvement
- Provide robust assurance to investors, lenders and other stakeholders
- Overcome challenges such as tight audit reporting deadlines or demands for key insights that support board-level decision-making
We combine experienced audit professionals with advanced audit software to deliver accurate, timely and reliable reporting.
Specialist audits for regulated industries
Charity Audits
Charities have audit obligations that go beyond standard statutory requirements. Compliance with Charity Commission regulations, the Charities Act and SORP reporting standards is expected – and trustees, donors and funders can require a high standard of independent scrutiny.
We work with charitable organisations of all sizes and structures. Our team understands the specific pressures trustees face, including restricted fund reporting, gift aid compliance and reserves policy, and delivers audit work that meets those requirements accurately and on time.
Solicitors Regulation Authority (SRA) audits for law firms
Law firms that hold client money must obtain an annual accountant’s report confirming compliance with the SRA Accounts Rules. Errors in client account handling carry serious professional and regulatory consequences.
We deliver SRA accountant’s reports with the technical rigour and sector knowledge the engagement demands.
Client Assets Sourcebook (CASS) Audits
FCA-authorised firms that hold client money or custody assets are required to obtain an annual CASS audit. The audit examines whether client money and assets are being correctly segregated and safeguarded in line with FCA requirements.
Compliance failures in this area carry significant regulatory and reputational risk. We deliver CASS audits with the technical expertise and understanding of FCA expectations that these engagements require.
What you gain from our audit and assurance services
- Independent assurance stakeholders can rely on
- Clear insight into financial performance, systems and controls
- Practical recommendations to support sustainable growth
- Compliance with legal or borrowing requirements
We know that small changes can culminate to make big differences and this is why we are proud to have achieved the ESG Mark. Our commitment to responsible business ensures we invest in our people and the way we approach business; where audit teams travel to work onsite we encourage public transport and car sharing, reducing our costs and the impact on the environment.
Thinking of changing auditors?
It is a good idea to regularly review the services you provide and determine whether there is a better solution to fit your changing needs.
You might change to a new audit firm if you:
- Require more proactive support
- Would benefit from the dynamism of partner-led engagement
- Appreciate having multiple points of contact with Managers and tax experts, so support can be easily accessed
- Want increased efficiency and effectiveness year on year through having a consistent team
- Are ready for technology-focused audits that are more efficient, transparent and able to offer clearer insights
We support a smooth transition by understanding your reporting timetable, prior-year issues and stakeholder expectations.
Audit and Assurance FAQs
When does a company need a statutory audit?
For financial years beginning on or after 6 April 2025, a company may qualify for audit exemption if it meets at least two of the following criteria: annual turnover of no more than £15 million, assets of no more than £7.5 million and fifty or fewer employees on average. If a company exceeds the relevant criteria, or does not qualify for exemption for another reason, a statutory audit may be required.
Audit may also be required because of group structure, sector-specific rules, lender requirements, shareholder requests or the company’s articles of association.
Can shareholders request an audit?
Yes. Even where a company would usually qualify for audit exemption, shareholders owning at least ten per cent of shares, by number or value, can require the company to obtain an audit. The request must be made in writing and sent to the company’s registered office address at least one month before the end of the financial year in question.
What should we do if we are approaching the statutory audit threshold?
It is sensible to prepare before audit becomes mandatory. First audits can become more difficult where reporting systems, reconciliations, controls or supporting records have not kept pace with growth.
Early planning can help identify likely pressure points, clarify what evidence will be needed and reduce disruption when the first statutory audit is required.
Read our guide: Approaching the audit threshold? How to avoid a messy first audit.
Can a first audit be difficult?
It can be, particularly where the business has grown quickly or has not previously needed to maintain audit-ready records.
Common issues include incomplete reconciliations, inconsistent supporting evidence, weak stock records, unclear revenue recognition, group reporting complexity or finance teams being under pressure close to the deadline.
This is why early preparation can be valuable.
How long does an audit take?
Timescales depend on the size and complexity of the organisation, the quality of records, the audit scope and reporting deadlines.
At the outset, we agree the timetable, responsibilities and evidence requirements, so your finance team understands what is needed and when. This helps reduce delays and avoid last-minute surprises.
Can you work to tight audit reporting deadlines?
Yes, where the timetable is realistic and agreed early. Our audit team has the capacity to support full-scope audits, complex group engagements and multi-location assignments, but early planning is essential where deadlines are tight.
Can audits be completed remotely?
Many parts of an audit can be completed remotely using secure digital systems, but some areas may require in-person work, depending on the organisation, systems, stock, controls and audit risks.
We agree the right approach at the planning stage, balancing efficiency, audit quality and disruption to your team.
What makes companies change auditors?
Common reasons include missed deadlines, poor communication, increasing fees without clear explanation, repeated information requests, limited senior involvement or the organisation outgrowing its current audit provider.
A change in group structure, international activity, lender scrutiny or shareholder expectations can also prompt a review of whether the current auditor is still the right fit.
How do you make the audit process less disruptive?
We plan the audit around your structure and team, reporting timetable, systems and key risk areas. From the outset, we agree information requirements, responsibilities and deadlines.
This helps reduce repeated requests, avoid unnecessary disruption and keep the process focused on the areas that matter most.
Do you support group and international audits?
Yes. Our audit team supports larger businesses, groups and organisations with complex structures, multi-site operations and international requirements. Through MGI Worldwide, we can also support cross-border audits and international assurance assignments Through the MGI network we have multiple examples where we ensure a seamless and robust audit and have acted as both parent auditor issuing group instructions and as component auditor reporting upwards to the group.
Can a company have an audit even if it is not legally required?
Yes. Some organisations choose audit or assurance where shareholders, lenders, investors, regulators or parent companies require independent assurance.
For businesses approaching statutory audit requirements, early preparation can help reduce disruption and provide companies with independent assurance over the financial statements, particularly beneficial for those organisations growing towards the thresholds.
Speak to our audit and assurance team
If you are looking for experienced auditors in Bristol, Bath, Taunton or Yeovil, our team would be happy to help.
What happens next
After getting in touch, we’ll arrange an initial discussion to understand your organisation, audit requirements and stakeholder expectations. We’ll then outline a clear audit approach, timescales and responsibilities so you know exactly what to expect before any work begins.
Our large audit team, capable of full-scope audit work
Our audit and assurance services are delivered by a large, experienced team with depth and breadth of specialist expertise, with capacity to manage audits from standalone engagements through to complex groups and multi-location assignments.
Our partners and senior audit professionals work closely with finance teams and boards, bringing practical insight alongside technical expertise.
Meet the team
We work with clients across the UK from our offices in the South West, from standalone businesses and multi-site groups to charities of all sizes. Our growing team also partners with UK accountancy firms who are not regulated to carry out audit work, who cannot ethically offer it to their own clients, or who want to extend their services without building an in-house audit function.
We've built our reputation on delivering a better audit experience for stakeholders.
All audits are carried out by ML Audit. ML Audit is a trading name of ML Audit LLP, a limited liability partnership registered in England with LLP number OC449136.The registered office of ML Audit LLP is Winchester House, Deane Gate Avenue, Taunton, TA1 2UH.