Audit for Family Businesses

Specialist audit support for family-owned and owner-managed businesses

HURST is part of a UK top 30 accountancy firm providing audit services to family businesses and owner-managed companies across a wide range of sectors. We understand that family businesses are different – with unique governance, long-term priorities, and often complex relationships between ownership and management.

Our audit approach is designed to provide not just compliance, but clarity, confidence, and insight to support sustainable growth.

Who we work with

We work with family businesses typically in the £5m–£100m turnover range, including:

Multi-generational family companies
Founder-led businesses preparing for succession
Family businesses with external investors
Owner-managed groups with complex structures

How audit is different for family businesses

Family businesses often face challenges that go beyond standard audit requirements. These can include:

Balancing family and commercial priorities

We recognise that decisions are not always purely financial. Our audit process takes into account the broader context of family objectives, legacy, and long-term planning.

Governance and succession

Many family businesses are evolving their governance structures. We provide clarity around financial reporting and controls, supporting transitions between generations or leadership teams.

Complex group structures

Family-owned groups often include multiple entities, property holdings, and overseas interests. We ensure audits are coordinated, efficient, and aligned across the group.

Informal processes and controls

Where systems have grown organically, we help identify risks and opportunities to strengthen financial controls without overcomplicating the business.

What you can expect from a HURST audit

Clear communication

We work closely with owners and management, explaining findings in plain English and focusing on what matters most to the business.

Practical insights

We highlight opportunities to improve systems, processes, and controls, helping you run the business more effectively.

Minimal disruption

We plan audits carefully to minimise impact on your team and day-to-day operations.

Continuity of team

You will work with a consistent audit team who understand your business over the long term.

Common questions from family businesses

Do we need an audit?

Many family businesses require a statutory audit based on size thresholds. Others choose a voluntary audit to provide assurance to shareholders, lenders, or investors.

How much does an audit cost?

Audit fees vary depending on the size, complexity, and structure of the business. For most family businesses, costs are driven by the number of entities, quality of financial records, and internal controls.

Can an audit add value beyond compliance?

Yes. A well-run audit provides insight into financial performance, identifies risks, and helps strengthen governance – all of which are particularly important for family businesses planning for the future.

Case study: Supporting a second-generation family business

We worked with a £15m turnover manufacturing business owned by the second generation of a family. As the business grew, its structure became more complex, with multiple trading entities and property companies.

Our audit approach: