ICAEW Registered Audit Firm - FRC-Authorised Audit Services
Comprehensive statutory audit services from an ICAEW registered and FRC-authorised audit firm. Expert audits for PIEs, FCA-regulated entities, charities, and specialist engagements.
A leading ICAEW registered audit firm with comprehensive regulatory authorisations and extensive experience across diverse sectors and entity types.
Acumon is an ICAEW registered audit firm with comprehensive regulatory authorisations enabling us to conduct statutory audits across the UK, Jersey, and the Isle of Man. Our registered audit services ensure your organisation's compliance with UK legislation and regulatory requirements, with full regulatory authorisations for Public Interest Entity (PIE) audits, FCA-regulated entity audits, and specialist engagements.
ICAEW Registered Audit Practice
As an ICAEW registered audit firm, Acumon meets the strict professional standards and regulatory requirements set by the Institute of Chartered Accountants in England and Wales. ICAEW registration ensures that our audit practice has the necessary expertise, resources, and quality control procedures to perform statutory audits in compliance with UK legislation, including the Companies Act 2006 and applicable auditing standards.
Our ICAEW registration demonstrates our commitment to maintaining the highest standards of audit quality, professional competence, and regulatory compliance. This registration is essential for conducting statutory audits of UK companies and provides assurance to stakeholders that our audit services meet the rigorous requirements of the UK audit regulatory framework.
FRC Authorisation for Public Interest Entity Audits
Acumon is authorised by the UK Financial Reporting Council (FRC) to conduct Public Interest Entity (PIE) audits. PIE audits are required for organisations considered to be of public interest, including listed companies, banks, insurance companies, and other entities specified by the FRC. Our FRC authorisation enables us to provide audit services to these high-profile organisations, ensuring compliance with enhanced audit requirements and regulatory scrutiny.
Our FRC authorisation reflects our capability to handle the complexities and regulatory requirements associated with PIE audits, including enhanced audit procedures, extended reporting requirements, and compliance with FRC audit quality standards. We currently provide audit services to 10 listed entities on the London Stock Exchange, with around 70% of our listed client base consisting of PIEs.
Multi-Jurisdictional Audit Capabilities
Our registered audit firm status extends beyond the UK, with authorisations to conduct audits in Jersey and the Isle of Man. As a Jersey Recognised Auditor and an Isle of Man Recognised Auditor, we can provide consistent audit services across multiple jurisdictions, making us well-positioned to serve companies with operations spanning these regions.
Our multi-jurisdictional capabilities are particularly valuable for international groups with UK subsidiaries, enabling us to coordinate group audits across different jurisdictions while ensuring compliance with local regulatory requirements. This capability provides consistency in audit approach and reduces the complexity of managing multiple audit relationships.
Specialist Sector and Entity Expertise
Our registered audit firm provides specialist audit services across diverse sectors and entity types, including:
- Public Interest Entities (PIEs): Listed companies, banks, insurance companies, and other entities requiring FRC-authorised audits
- FCA-Regulated Entities: Investment firms, asset managers, and other financial services organisations requiring CASS audits and regulatory compliance audits
- Charities: Charity audits compliant with Charity SORP and charity-specific regulatory requirements
- International Groups: Group audits for international groups with UK subsidiaries, consolidation audits, and multi-jurisdictional reporting
- Professional Services: Audits for law firms, professional services firms, and other regulated professional entities
- Specialist Industries: Sector-specific audits for industries with unique regulatory requirements and accounting standards
Senior-Led Audit Teams
Our registered audit services are delivered by senior-led teams with extensive experience in statutory audits, regulatory compliance, and sector-specific requirements. Our Responsible Individual, Edmund Cartwright FCCA, holds FRC authorisation to conduct PIE audits, ensuring that our most complex and high-profile audits are led by appropriately qualified and authorised professionals.
Our audit teams combine technical expertise with practical experience, enabling us to provide audit services that are both compliant with regulatory requirements and tailored to the specific needs of your organisation. We maintain high staff availability to meet tight deadlines and ensure responsive communication throughout the audit process.
Technology-Enhanced Audit Processes
We leverage technology to enhance our audit processes, improve efficiency, and provide deeper insights into your financial statements. Our digital audit portal enables secure document sharing and real-time collaboration, while our use of Inflo analytics platform provides advanced data analytics and audit evidence gathering capabilities.
Our technology-enhanced approach helps streamline the audit process, reduce disruption to your operations, and provide more timely and comprehensive audit coverage. This approach is particularly valuable for complex audits involving large volumes of transactions or multiple entities.
Comprehensive Audit Coverage
Our registered audit firm provides comprehensive audit coverage across all aspects of your financial statements, including:
- Revenue recognition and transaction testing
- Balance sheet verification and asset valuation
- Related party transactions and disclosures
- Going concern assessments
- Regulatory compliance and statutory requirements
- Internal control evaluation and recommendations
- Management letter with observations and recommendations
Our comprehensive audit approach ensures that all material aspects of your financial statements are thoroughly examined, providing assurance to stakeholders and meeting regulatory requirements while identifying opportunities for process improvements and risk management enhancements.
Our Registered Audit Process
A structured approach to statutory audits ensuring compliance, quality, and timely completion.
- 1Planning and ScopingWe begin by understanding your organisation, its operations, and regulatory requirements. We assess audit risk, determine materiality, and develop a tailored audit plan that addresses your specific circumstances and compliance needs.
- 2Fieldwork and TestingOur audit team conducts comprehensive fieldwork, including transaction testing, balance sheet verification, and evaluation of internal controls. We use technology-enhanced audit procedures to improve efficiency and provide deeper insights.
- 3Review and Quality ControlAll audit work is subject to rigorous review by senior team members and quality control procedures. We ensure compliance with auditing standards, regulatory requirements, and our own quality benchmarks before finalising audit conclusions.
- 4Reporting and CommunicationWe provide clear and comprehensive audit reports, including the statutory audit opinion, management letter with observations and recommendations, and any required regulatory reports. We maintain open communication throughout the process.
Frequently Asked Questions
An ICAEW registered audit firm is an accountancy practice registered with the Institute of Chartered Accountants in England and Wales to conduct statutory audits. Registration ensures the firm meets strict professional standards, regulatory requirements, and has the necessary expertise to perform audits in compliance with UK legislation. Acumon is an ICAEW registered audit firm authorised to conduct audits across the UK, Jersey, and the Isle of Man.
A registered audit firm has been authorised by a Recognised Supervisory Body (RSB) such as ICAEW to conduct statutory audits. Only registered audit firms can perform statutory audits required by the Companies Act 2006. Non-registered firms cannot conduct statutory audits but may provide other accounting and advisory services. Registration requires meeting strict professional standards, quality control procedures, and regulatory compliance requirements.
A registered audit firm can perform statutory audits for limited companies, Public Interest Entity (PIE) audits (if FRC-authorised), charity audits, group audits, and audits for other entities requiring statutory audit. Registered audit firms can also provide specialist audits such as CASS audits for FCA-regulated entities, SRA audits for law firms, and other regulatory compliance audits.
Whether you need a registered audit firm depends on your company's size, structure, and regulatory requirements. Most small companies are exempt from statutory audit, but larger companies, public companies, subsidiaries of groups, and certain regulated entities are required to have a statutory audit performed by a registered audit firm. We can help determine if your company requires a statutory audit.
When choosing a registered audit firm, consider their regulatory authorisations (ICAEW registration, FRC authorisation for PIEs), experience with your sector and entity type, team qualifications and availability, technology capabilities, communication approach, and fee structure. It's important to select a firm with appropriate authorisations for your specific audit requirements.
FRC authorisation is required for Public Interest Entity (PIE) audits, including listed companies, banks, and insurance companies. FRC-authorised firms must meet enhanced audit quality standards, extended reporting requirements, and undergo regular quality inspections. Using an FRC-authorised firm provides assurance that your PIE audit meets the highest regulatory standards.
Yes, if the audit firm has the appropriate authorisations. Acumon is authorised as a Jersey Recognised Auditor and an Isle of Man Recognised Auditor, enabling us to conduct audits in these jurisdictions. This makes us well-positioned to serve companies with operations across multiple jurisdictions.
The duration of a statutory audit depends on the size and complexity of your organisation. A typical audit for a small to medium-sized company may take 4-8 weeks from planning to completion, while larger or more complex audits, including PIE audits, may take 8-12 weeks or longer. We work closely with you throughout the process to minimise disruption and ensure timely completion.
Next steps
Contact our registered audit firm to discuss how we can support your statutory audit requirements. Our experienced team will provide expert guidance tailored to your organisation's needs, regulatory requirements, and compliance obligations.