Whether your business has just crossed the audit threshold or you’re preparing for investment, Praxis delivers a rigorous, partner-led audit that goes beyond compliance. We identify risks, strengthen controls, and give your stakeholders confidence in your numbers.

Do You Need a Statutory Audit?

A company requires a statutory audit if it exceeds two of the following three thresholds in two consecutive financial years:

• Annual turnover of more than £15 million
• Balance sheet total of more than £7.5 million
• Average number of employees of more than 50

Even if your company is exempt, there are compelling reasons to commission a voluntary audit – particularly if you’re seeking investment, applying for significant contracts, or want independent assurance over your financial controls.

Why Choose Praxis for Your Audit?

A partner on every engagement. At Praxis, a named partner leads your audit from planning through to sign-off. You won’t be passed down to trainees. Your partner knows your business, your sector, and your ambitions.

Sector expertise that matters. We audit technology companies, creative agencies, and professional practices across London. We understand revenue recognition for SaaS businesses, work-in-progress for architects, and project accounting for agencies. This isn’t generic auditing — it’s tailored to how your business actually works.

More than compliance. Our audits are designed to add value. We identify control weaknesses before they become problems, flag operational inefficiencies, and provide practical recommendations you can act on. Many of our audit clients tell us the management letter is one of the most valuable documents they receive all year.

Cloud-native approach. As a Xero-centric practice, we’re built for businesses that run on modern cloud platforms. Our audit process integrates with your existing systems, minimising disruption and maximising efficiency.

Our Audit Process

We follow a structured but flexible approach designed to be thorough without being disruptive:

1. Planning and risk assessment — We get to know your business, understand your key risks, and design an audit approach tailored to your operations.
2. Interim testing — Where beneficial, we test key controls and transactions during the year, reducing the year-end burden.
3. Year-end fieldwork — Substantive testing of your financial statements, with a focus on material balances and high-risk areas.
4. Reporting and recommendations — A clear audit opinion plus a detailed management letter highlighting findings and practical improvements.

Sectors We Audit

Technology: SaaS, fintech, AI, and data businesses. We understand deferred revenue, capitalised development costs, and the complexities of fast-growing tech companies.

Creative Industries: Agencies, studios, and production companies. We’re experienced with project-based revenue, contractor models, and the financial rhythms of creative businesses.

Professional Practices: Architecture, engineering, and consulting firms. We handle WIP, partner profit allocation, and practice-specific regulatory requirements.

Next Steps

Ready to discuss your audit requirements? Contact our team for a conversation about how Praxis can support your business using the contact form below.

Our work does not stop once an audit has been handed over. We can help your business by using the results of the audit to improve your business. Praxis has experience in various other services that complement our auditing service, such as business valuations, business restructuring, as well as tax advisory services.