If your business is approaching the statutory audit threshold or you’re a solicitor’s practice requiring specialist audit services, choosing the right North London auditors becomes a crucial decision. With recent changes to audit requirements taking effect from 6 April 2025, understanding what to look for in an audit firm has never been more important.
Understanding the New Audit Thresholds for 2025
The UK government increased audit thresholds by approximately 50% for financial years beginning on or after 6 April 2025, with the turnover threshold rising from £10.2 million to £15 million (ICAEW, 2024). The government estimates that the changes will result in approximately 113,000 companies and LLPs moving from the small to micro-entity category (ICAEW, 2024).
Companies now require an audit if they meet two of these three criteria: turnover exceeding £15 million, balance sheet total exceeding £7.5 million, or more than 50 employees. These thresholds are set out in The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 (ICAS, 2024). However, many businesses choose voluntary audits even when not legally required, as they provide valuable insights and stakeholder confidence.
Why North London Businesses Choose Green & Peter for Audit Services
Green & Peter is one of the few North London auditors offering comprehensive audit services tailored to creative businesses, property professionals, and legal practices. Based in Whetstone, we understand the unique challenges facing North London’s diverse business community.
Specialist Solicitors’ Accounts Audits
Solicitors’ firms that hold or receive client money must obtain an accountant’s report within six months of the accounting period end date under the Solicitors Regulation Authority (SRA) Accounts Rules (SRA, 2018). This audit confirms that the legal firm complies with the SRA’s accounts rules, ensuring client money is properly safeguarded.
Firms only need to supply a report to the SRA where an accountant has qualified it, for example, if client money is at risk. However, the audit itself remains mandatory for most practices. Exemptions apply if the firm’s average client account balance does not exceed £10,000 and the maximum balance does not exceed £250,000, or if all client money received during an accounting period is from the Legal Aid Agency (SRA, 2024).
As qualified and registered auditors, Green & Peter provides specialist SRA audit services. To conduct these audits, accountants must be registered as auditors with the Institute of Chartered Accountants in England and Wales (ICAEW) or the Association of Chartered Certified Accountants (ACCA) (SRA Accounts Rules, 2018), ensuring your practice meets all regulatory requirements whilst minimising disruption to your daily operations.
Audits for Growing Creative and Property Businesses
Many businesses falling below the new audit threshold should consider whether voluntary audits might benefit them, as they provide clear and independent analysis of a business’s financial standings, which can be invaluable for building trust with stakeholders.
For creative businesses and property landlords approaching significant growth milestones, an audit reassures investors, lenders, and business partners. It also identifies potential operational improvements and strengthens internal controls before they become compliance issues.
Essential Checklist for Choosing North London Auditors
When selecting audit services, use this comprehensive checklist to ensure you find the right fit:
Professional Qualifications and Registration
- Verify the auditor is registered with a recognised supervisory body such as the Institute of Chartered Accountants in England and Wales (ICAEW), Association of Chartered Certified Accountants (ACCA), or Institute of Chartered Accountants of Scotland (ICAS) (UK, 2024)
- Confirm they are registered as statutory auditors and eligible to sign audit reports
- For solicitors’ audits specifically, ensure they are registered as auditors with ICAEW or ACCA
- Check they maintain professional indemnity insurance (UK, 2024)
Industry Experience and Expertise
- Ask about their experience with businesses in your specific industry, as auditors with sector expertise understand industry-specific regulations and provide more tailored audits
- Request examples or case studies from similar-sized businesses
- For creative businesses, confirm they understand creative industry tax reliefs and compliance requirements
- For property businesses, verify their knowledge of rental property regulations and tax treatments
- Ask to see testimonials or speak to current clients as reference points
Quality and Process Standards
- Ask about their quality review process, testing approach, and sign-off procedures
- Enquire about staff training programmes and how they maintain up-to-date technical knowledge
- Request information about team continuity and staff turnover rates
- Understand their audit methodology and timeline
- Confirm they use modern accounting software compatible with your systems
Communication and Relationship
- Assess their communication skills during initial meetings, as transparent and effective communication is essential for a smooth audit process
- Determine if they will act as business advisors who keep in touch throughout the year to add value, not just during the audit period
- Ensure they can explain complex findings in accessible language
- Confirm accessibility and responsiveness to queries
Value Beyond Compliance
- Ask how they will provide strategic insights and recommendations for business improvement
- Discuss how they identify operational inefficiencies and areas of risk
- Understand what management recommendations you can expect
- Ensure they can translate findings and analysis into real-world solutions and ideas for your business
Practical Considerations
- Get a selection of quotes and compare both fee levels and service offerings, as the fee shouldn’t be the only factor in your decision
- Confirm the audit team has sufficient resources to undertake your audit properly
- Understand what preparation is required from your team
- Review their process for minimising disruption to your business operations
- For North London businesses specifically, consider the convenience of local expertise and face-to-face meetings
What Sets Quality North London Auditors Apart
The best audit firms combine technical expertise with genuine business insight. Rather than treating audits as a compliance exercise, quality North London auditors like Green & Peter view them as opportunities to add real value to your business.
We take time to understand your business model, industry challenges, and growth aspirations. Our approach minimises disruption while providing comprehensive assurance and actionable recommendations that strengthen your financial controls and support strategic decision-making. Get in touch on 0208 446 8100 or email us at info@greenandpeter.co.uk to book a call.
Frequently Asked Questions About North London Auditors
Do I still need an audit if I’m below the new 2025 thresholds?
Whilst the increased thresholds mean many businesses are no longer legally required to have audits under section 477 of the Companies Act 2006 (legislation.gov.uk), voluntary audits can help maintain robust financial health and investor confidence. You may also need an audit if required by your bank, shareholders holding at least 10% of company shares (GOV.UK, 2016), or your articles of association. Many businesses continue audits to benefit from the independent review and recommendations they provide.
How long does a typical audit take for a North London business?
The duration varies depending on your business size, complexity, and how prepared your records are. Most small to medium-sized business audits take around two to four weeks from initial planning to final report. Well-organised businesses with good accounting systems often experience shorter audit periods with less disruption.
What’s the difference between a statutory audit and an SRA accountant’s report for solicitors?
An SRA audit differs from a statutory audit and requires specialist skills and knowledge of the SRA Accounts Rules, which are regularly updated. SRA audits focus on examining how solicitors manage client money held in client accounts to ensure compliance with the SRA Accounts Rules (SRA, 2019). Statutory audits examine a company’s overall financial statements and records under the Companies Act 2006.
Can my current accountant provide audit services?
Not necessarily. To conduct statutory audits, your accountant must be registered as a statutory auditor with a recognised supervisory body and hold an audit qualification (ICAEW). Many general accountancy firms don’t offer audit services, so finding specialist North London auditors becomes important when you reach the audit threshold.
How do I prepare for my first audit?
Start by ensuring your accounting records are complete, accurate, and up to date. Gather supporting documentation such as invoices, bank statements, contracts, and board minutes. Your auditor will provide a specific list of requirements during the planning phase. Good preparation significantly reduces the time and cost of an audit whilst improving the quality of insights you’ll receive.
Working with Green & Peter: North London Auditors You Can Trust
Our team understands the specific challenges facing local businesses, bringing technical expertise and genuine business insight to every engagement.
Whether you’re approaching the statutory audit threshold for the first time, require specialist solicitors’ accounts audit services, or want to benefit from a voluntary audit, we’re here to make the process straightforward and valuable.
We’re not box tickers. We provide meaningful recommendations that strengthen your business operations, improve financial controls, and support your growth ambitions.
Get Expert Audit Advice Today
If you’re looking for experienced North London auditors who combine technical excellence with approachable, jargon-free communication, talk to Green & Peter. We’re one of the few North London accountancy firms offering comprehensive audit services tailored to creative businesses, property professionals, and small/medium limited companies.
Call us today on 020 8446 8100 or complete our contact form to discuss your audit requirements. We’ll explain exactly what’s involved, answer your questions, and help you understand how an audit can benefit your business.
About the Author
Robert Green is a founding partner at Green & Peter Accountants, a chartered accountancy practice based in Whetstone, North London. With extensive experience supporting creative businesses, property professionals, and legal practices, Robert leads the firm’s audit services, ensuring clients receive not only compliance, but also valuable business insights. Robert is passionate about making complex financial matters straightforward and accessible, helping North London businesses thrive through expert accounting, tax planning, and audit services.
References
GOV.UK. (2016). Audit exemptions for private limited companies. Retrieved from https://www.gov.uk/audit-exemptions-for-private-limited-companies
GOV.UK. (2024). Become a registered auditor. Retrieved from https://www.gov.uk/find-licences/become-a-registered-auditor
Institute of Chartered Accountants in England and Wales (ICAEW). (2024). UK company size thresholds have increased. Retrieved from https://www.icaew.com/insights/viewpoints-on-the-news/2024/dec-2024/uk-company-size-thresholds-to-increase-from-april-2025
Institute of Chartered Accountants in England and Wales (ICAEW). (n.d.). UK audit qualification. Retrieved from https://www.icaew.com/for-current-aca-students/training-agreement/uk-audit-qualification
Institute of Chartered Accountants of Scotland (ICAS). (2024). Update on changes to the company size thresholds and the audit threshold. Retrieved from https://www.icas.com/news-insights-events/news/corporate-financial-reporting/update-on-changes-to-the-company-size-thresholds-and-the-audit-threshold
legislation.gov.uk. (2006). Companies Act 2006, Part 16, Chapter 1: Exemption from audit: small companies. Retrieved from https://www.legislation.gov.uk/ukpga/2006/46/part/16/chapter/1/crossheading/exemption-from-audit-small-companies
Solicitors Regulation Authority (SRA). (2015). Accountant’s report and the exemption to obtain one. Retrieved from https://www.sra.org.uk/solicitors/guidance/accountant-report-exemption-obtain-one/
Solicitors Regulation Authority (SRA). (2024). Accountants’ reports. Retrieved from https://www.sra.org.uk/solicitors/firm-based-authorisation/existing-firms-applications/accountants-reports/
Solicitors Regulation Authority (SRA). (2018). Accounts rules. Retrieved from https://www.sra.org.uk/solicitors/standards-regulations/accounts-rules/
