How to prepare for a statutory audit in the UK: planning, evidence and year‑round readiness

Audits offer more than a compliance check. They give stakeholders confidence, strengthen financial health and provide insights to improve performance. With early planning, clear ownership and well-prepared evidence, you’ll reduce disruption and get more value from the process.

Charities-specific audit guidance >

CASS audit overview for financial services firms >

While some industries or entity sizes do have specific requirements for audits, the information covered in this article follows general principles applicable to all manner of operations.

Statutory audit preparation: at a glance

• Start early, clarify scope, set timelines.
  Lock key dates, who owns what, and how you’ll share audit evidence.
• Choose the right auditor.
  Match sector expertise and international coverage to your footprint and any additional assurance needs (eg CASS).
• Document your control environment.
  Map finance processes, systems, and key controls so auditors can design efficient, risk‑based testing.
• Centralise evidence.
  Keep reconciliations, contracts, HR/payroll, and period‑end support in one secure, shared location.
• Run a pre‑audit review.
  Tackle gaps before fieldwork; use tech to reduce admin.
• Stay audit‑ready year‑round.
  Train your team, track prior findings, and watch for regulatory changes that alter scope or disclosures.

Choosing and appointing the right audit firm

Select an auditor with the sector expertise, capacity and geographic coverage you need.

Consider the level and scope of service required, including any industry-specific knowledge, international needs or additional assurance requirements. Engage early so they can plan resources around your deadlines.

Pre-planning your statutory audit

Define the audit type and scope up front. You may have other reporting requirements that need to be taken into consideration when planning for the engagements. For example, FCA-regulated firms may need a CASS assurance or safeguarding audit, which assesses compliance with client asset protection rules.

Considerations at this stage may include:

• Timing eg internal or regulatory deadlines and consideration of finance team capacity,
• Sector and complexity – ensure you have the appropriate provider, and
• Stakeholder needs eg reporting requirements.

Reach out to your proposed auditor early on in the process. They can assist you in not only determining what is best for you but also allocate appropriate resources to ensure your deadlines are met.

Documenting your internal control environment

Your auditor will take into consideration your internal controls and processes when designing risk-based audit tests. Having a concise process/control pack available to your auditor early on in the process reduces the risk of unexpected delays.

This also affords the auditor a deeper understanding of your operational activity to understand your risks and add value through recommendations.

The following are examples, but not an exhaustive list, of what you can have in place prior to audit commencement:

• Controls over the accounting systems,
• The use of technology and automation in the business,
• Purchases and creditor processes,
• Income recognition, and
• Payroll systems.

Talk to your auditor early and openly so process reporting stays on track.

Preparing audit evidence and documentation

Centralise key records so you can respond fast without derailing BAU.

Having evidence organised and ready in a secure, centralised workspace helps you meet deadlines and keeps the finance team moving during the audit.

The following are some examples of information to have available up front, but it’s best to speak with your auditor who can tailor recommendations for an ‘audit pack’:

• Financial statements and reconciled ledgers,
• Contracts and governance documents,
• Payroll and HR records,
• System logs and digital backups, and
• Evidence supporting your period end balances.

Allocating internal ownership and resources

Appoint a primary contact (such as a finance lead) and a small named working group with clear responsibilities, response SLAs and escalation routes.

Ensure you have enough internal resource to support both the planning and fieldwork stages so the auditor can easily request evidence, ask for clarification and progress the audit efficiently.

Practical next steps to improve audit readiness

Conducting an internal review can help identify gaps in information or controls before the formal process begins.

This allows you to address issues proactively and demonstrate a commitment to compliance and a strong control environment.

How can technology streamline audit requests and evidence sharing?

Review your finance tech so audit information is readily available.

Many accounting platforms let you upload source documents and give auditors read-only access. This reduces the administration burden on your team and can increase efficiency throughout the process.

Review prior audit findings to strengthen readiness and reduce issues

Reviewing previous audit findings improves audit readiness and builds auditor confidence.

Having a well-informed team with knowledge about previous processes can help resolve queries quickly and maintain a positive audit experience.

The benefits of year-round audit readiness for UK businesses

• Reduced disruption to daily operations,
• Lower risk of non-compliance and penalties,
• Valuable insights for process improvement, and
• Cost savings through efficiency.

Being audit-ready shouldn’t be considered an annual activity; it’s an ongoing and evolving process.

Throughout the financial period, you can:

• Provide appropriate training to individuals who maintain the finance system,
• Continue to develop strong internal controls and systems that mitigate inherent risks to your organisation, and
• Review findings of previous audits and action the recommendations given by your auditors.

Staying ahead of UK audit and reporting changes: key updates to monitor

Monitor regulatory changes that can alter scope, evidence and disclosures – and brief your finance team early so they can plan.

There are a number of legislative changes across a range of topics that UK companies need to be aware of. These changes can impact the information that you need to prepare, the performance of your business or filing requirements.

• Tax planning following the 2025 Autumn Budget >
• FRS 102 – understanding changes in financial reporting >
• Company size thresholds (audit exemptions, filing) >
• Economic Crime and Corporate Transparency Act >

How Saffery can help with statutory audit preparation

With the right approach and support, an audit can be smooth and genuinely value‑adding. We can scope your audit, streamline your evidence, and help you stay ahead of UK reporting changes – so you meet deadlines and improve control maturity.

Get in touch for help with:

• Statutory audit and group reporting,
• Accounts preparation under FRS 102/ IFRS,
• Corporation tax compliance, and
• Sector specific and regulatory assurance (eg CASS and safeguarding assurance).