A guide to the statutory Audit timeline

When your business becomes subject to a statutory Audit, planning is essential. By understanding the typical statutory Audit timeline adopted by Chartered Accountants, your business can plan for a smooth Audit and avoid unnecessary delays.

In this article, Consilium Audit Associate Director Andrew McKay breaks down the five key stages of a typical statutory Audit and provides an outline of what to expect. He also offers some practical insights to help business owners and finance teams navigate their statutory Audit obligations with confidence.

• When should I arrange my statutory audit?
• What is included in a statutory audit?
• Audit stage 1: Initial planning
• Audit stage 2: Audit planning
• Audit stage 3: Fieldwork
• Audit stage 4: Closing meeting
• Audit stage 5: Finalisation of accounts and sign-off

When should I arrange my statutory audit?

If your business is now due a statutory Audit, it is important to confirm your Auditors’ availability in good time. Typically, a firm of Auditors will schedule work six to 12 months in advance, which gives you an idea of how much notice will be required.

At Consilium, we also recommend that businesses approaching their first statutory Audit allow additional time where possible. For both teams, it will be a learning process and even with good planning and advice, occasionally there can be unavoidable delays. If your business is part of a larger group of companies, it is also worth factoring in additional time for any group reporting requirements.

What is included in a statutory Audit?

A typical statutory Audit incorporates several stages:

Audit stage 1: Initial planning meeting

This meeting helps the Auditor understand the business, key developments in the year, and examine risks. At this stage, you have the opportunity to ask any questions about the Audit process and for Consilium to outline how we work.

Audit stage 2: Audit planning

Typically carried out before or shortly after your company’s year-end, this involves gaining an understanding of your business, its systems and controls, and an analysis of your financials. This allows the Auditor to direct their testing towards the main risk areas identified at stage 1.

Audit stage 3: Fieldwork

Audit fieldwork takes the form of a visit to the company premises to conduct testing. During the visit, the Audit team will gather supporting documentation and meet with finance teams.

Audit stage 4: Audit closing meeting

At this point, the Auditors will meet with key members of the business, like the Managing Director, Finance Director, and Financial Controller. Auditors will discuss their findings and any issues arising from them.

This can be particularly helpful in the first year of Audit, as the process will inevitably uncover some recommendations for improvements in financial systems and processes.

Audit stage 5: Finalisation of accounts and sign-off

Following the closing meeting and the resolution of any outstanding issues, the accounts will be issued for signing.

Although this is an example of the typical audit cycle, Consilium’s approach to statutory Audit is based upon ongoing dialogue. This allows issues to be discussed and resolved at the time, and strengthens our knowledge of your business.

Looking for help navigating a statutory Audit?

Consilium Chartered Accountants are trusted Auditors and Business Advisors to business owners, entrepreneurs and companies across Scotland. Our Audit service helps businesses meet their statutory obligations and determine financial, commercial and governance risks and opportunities.

Learn more about our commercial Audit and charity Audit services. Alternatively, get in touch with Andrew McKay to discuss how Consilium can help you meet your statutory obligations.

Follow Consilium Chartered Accountants on LinkedIn, X, Instagram and YouTube for updates and business insights.

Andrew McKay has been a qualified Chartered Accountant since 2014 and an Audit specialist for over 10 years. As Associate Director, Andrew manages the statutory audits for a portfolio of major clients. He became a Responsible Individual (RI) in early 2025.