First-Time Audit Support

Approaching the audit threshold? First-time audit support for growing UK businesses

HURST is part of a UK top 30 accountancy firm supporting growing businesses as they approach audit threshold and prepare for their first statutory audit. We help owner-managed and fast-growing companies understand when an audit is required, what to expect, and how to prepare.

Our approach is practical and supportive, guiding you through your first audit with minimal disruption while putting the right foundations in place for future growth.

Who this is for

We work with businesses that are:

Approaching UK audit thresholds for turnover, assets, or employee numbers
Experiencing rapid growth
Taking on external investment or funding
Needing greater financial governance and reporting

When do you need an audit?

In the UK, businesses typically require a statutory audit when they exceed certain size thresholds relating to turnover, balance sheet total, and number of employees. Even where exemptions may apply, audits are often required by lenders, investors, or group structures.

If you are close to these thresholds, it is important to plan ahead rather than wait until an audit becomes mandatory.

Why plan your first audit early?

Avoid disruption

Early planning allows you to prepare systems, documentation, and processes, reducing pressure on your team when the audit begins.

Strengthen controls

We help identify gaps in financial controls and reporting before they become issues during the audit process.

Improve reporting quality

A first audit often highlights areas where financial reporting can be improved, giving you better visibility and decision-making insight.

Build investor confidence

Audited financial statements can enhance credibility with lenders, investors, and stakeholders.

What to expect from your first audit

For many businesses, a first audit can feel unfamiliar. Our role is to make the process clear and manageable.

Planning and scoping of the audit
Review of financial records and systems
Testing of key balances and transactions
Clear communication of findings and recommendations

What you can expect from a HURST audit

Guidance from day one

We support you before the audit starts, helping you prepare and avoid common pitfalls.

Clear communication

We explain the process in plain English and keep you informed at every stage.

Practical recommendations

We provide actionable insights to improve systems, controls, and reporting.

Minimal disruption

Our audits are planned to fit around your business, reducing impact on your team.

Common questions about first-time audits

How much does a first audit cost?

Costs vary depending on size, complexity, and readiness. Well-prepared businesses typically experience a smoother and more efficient audit process.

How long does an audit take?

Timelines depend on the size and complexity of the business, but planning ahead significantly reduces delays.

What should we do now?

If you are approaching audit threshold, the best next step is to speak to an audit adviser early. This allows you to prepare effectively and avoid unnecessary disruption.

Case study: Supporting a business through its first audit

We worked with a £12m turnover services business approaching audit threshold for the first time. The company had grown quickly and had not previously required audited financial statements.

Our approach: