An audit is more than just a statutory requirement. Done well, it provides reassurance to stakeholders, highlights opportunities for improvement, and strengthens your business. At Lambert Chapman LLP, we combine professional expertise with modern technology to deliver efficient, partner-led audits that add real value.
Below, we answer some of the most common questions businesses ask about audit services.
What is a statutory audit and who needs one?
A statutory audit is a legally required review of a company’s financial statements, ensuring they present a true and fair view of the business.
You may need a statutory audit if your company meets certain thresholds for turnover, balance sheet value, or number of employees. Businesses in regulated industries (such as financial services or charities) are also often legally obliged to undergo an audit.
Can Lambert Chapman carry out audits for companies outside Essex or London?
Yes. Using cloud-based audit software, encrypted document sharing, and secure video conferencing, we provide audit services to businesses across the UK and beyond.
Whether you’re based in Scotland, Wales, Northern Ireland, or even overseas, you’ll benefit from the same partner-led service, timely communication, and professional assurance as our local clients.
What technology is used for remote audits?
We employ the latest audit software and secure online portals to make the audit process as smooth as possible. Clients can upload and review documents securely, while video calls allow us to carry out interviews and walkthroughs remotely.
This approach makes the process faster, more efficient, and less disruptive to your day-to-day operations.
How does an audit add value beyond compliance?
While compliance is essential, an audit can deliver so much more. A high-quality audit can:
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Provide assurance to stakeholders
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Identify weaknesses in systems and controls
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Suggest practical improvements
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Build trust with investors, lenders and trading partners
At Lambert Chapman LLP, we see the audit as a chance to help you strengthen financial controls, management systems, and business processes.
What’s the audit process like, and how will I be kept informed?
We take a risk-based approach to planning your audit. This means we start by understanding your business, internal controls and areas of risk.
Throughout the process, we keep you informed with regular updates via virtual meetings or calls. Interim findings are shared so issues can be corrected early, and the final report is presented clearly, with partner oversight at every stage.
How long does an audit usually take?
The duration depends on the size, complexity and readiness of your business.
We’ll provide a clear timetable upfront and stick to it, ensuring you know exactly what to expect.
How can I prepare for a smoother audit?
Preparation is key to an efficient audit. We recommend:
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Organising your financial records early
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Maintaining clear digital storage of key documents
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Explaining one-off transactions, new contracts or reorganisations in advance
To make things even easier, we’ll provide a pre-audit checklist to help you get everything ready.
Final thoughts
An audit should never be just a box-ticking exercise. With the right approach, it can be a powerful tool to strengthen your business and inspire confidence in your stakeholders.
👉 Looking for an audit partner who goes beyond compliance? Contact Lambert Chapman LLP today to discuss how our partner-led audits can support your business.
Disclaimer
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.