External audit

We develop audit plans that are proportionate, efficient and focused on risk. Through the scrutiny of accounting records and financial statements, our audits provide robust independent assurance while minimising disruption to your business. 

1. Understanding your organisation

We review your systems, responsibilities and key risk areas, drawing on any sector-specific knowledge to keep our audit focused and relevant. 

2. Planning your audit

Our audit approach is risk-based and is tailored to each individual client. Our detailed planning process involves input from you and senior members of our audit team to ensure that the audit approach and work programmes are tailored to your audit. This cannot be done in isolation, and your involvement is invaluable in the process. A planning/interim visit will be undertaken prior to the fieldwork to ensure all parties are well prepared to undertake the audit and to meet your timetable. 

3. Conducting fieldwork and testing

Our audit approach incorporates a combination of substantive and analytical procedures. The extent of our testing is driven by the assessed level of risk, alongside the complexity and volume of transactions within each financial statement line item. 

Our audit fieldwork focuses primarily on areas identified as presenting significant risk, particularly those involving material estimates and the application of judgement. 

Audit procedures are specifically designed to respond to these risks, and all key risk areas are subject to detailed review by the partner responsible for the audit. 

4. Timetable and Deliverables 

We will always undertake the audit to meet your timetable requirements. Senior members of the audit team will attend all meetings where they are required and spend the appropriate amount of time directing the team and ensuring that the firm’s audit quality standards are strictly adhered to. At the end of the audit, we meet with senior management and directors as required and present a comprehensive report which contains a summary of: 

• All pertinent findings of the audit; including commentary on financial reporting issues; errors found and key matters so that both management and those charged with governance are fully aware of how matters have been resolved and key decisions made. The audit findings report is set out in such a way that it can be used by management and the board of directors to understand clearly the matters raised and their impact/resolution; 

• Control improvement recommendations covering basic system and control failures and areas for improvement but also wider recommendations where necessary on general business improvements; 

• Matters relevant to future periods which will include general advice and changes in financial reporting that may affect you. 

5. Ensuring consistent service delivery

We aim to maintain consistency by keeping your audit team the same each year, fostering strong working relationships and a more streamlined audit process. This continuity helps us develop a better understanding of your organisation and deliver a more efficient audit cycle.

Choosing the right auditor is about more than meeting a requirement, it is about working with a team that understands your business, provides consistent, senior-level support and delivers assurance with practical value. At PKF Smith Cooper, we take the time to get to know your organisation, team and priorities, so our audit is efficient, relevant and aligned with the issues that matter most to you. Our external audit services are designed to provide you with: 

• A team that knows your organisation and, wherever possible, remains consistent year after year, helping to build stronger working relationships and a more efficient audit process. 

• Direct involvement from one of our partners or directors, giving you the confidence of senior oversight and access to industry-leading expertise throughout the audit. 

• Strong local knowledge, backed by offices across the Midlands, enabling responsive support and timely insight into the regional business landscape. 

• The added strength of PKF Global, allowing us to support complex groups and international subsidiaries with cross-border reporting requirements, including IFRS and other reporting frameworks. 

• A collaborative, personable approach that ensures a smooth audit, delivered in an open and transparent manner, with fees and timelines agreed upfront.  
• Technology enabled audits that improve efficiency and insight. 

Our combination of deep client understanding, consistent service and technical strength mean you will receive more than an independent audit opinion. You gain a trusted advisor who can deliver robust assurance, minimise disruption and support your business as it grows in complexity. 

Changing external auditors is easier than many people expect. We handle everything on your behalf, coordinating with your current auditor to review prior-year files and agree a timetable for planning and fieldwork. Our approach ensures continuity and avoids any duplication of work, instilling trust and confidence in our services from the start. 

External audit requirements and alternatives

Many organisations are required by law or regulators to have their financial statements audited. Others may qualify for audit exemption, depending on size, structure and relevant regulations.

We advise on:

• Statutory external audit requirements
• Whether your organisation qualifies for audit exemption
• Alternative assurance options, including voluntary audits and independent examinations

These alternatives can provide meaningful assurance without the need for a full statutory audit, supporting transparency and stakeholder confidence.

Whether you require a statutory external audit, are considering a voluntary audit or would like advice on audit exemption and alternatives, our team is here to help. Contact a member of our Audit and Assurance team today to discuss your external audit requirements.