Does my FCA regulated firm need a statutory audit?

For many FCA regulated firms, a statutory audit is required even though they would normally have a small company exemption under the Companies Act 2006. The rules for FCA firms are complex and it often takes further investigation to establish whether your firm requires an audit as a result of its FCA registration or business activities.

If you are unsure about whether your firm needs an audit, one of our FCA experts will be more than happy to help. It is important to take action early so that your company meets the reporting deadline to the FCA, which is usually 90 working days from your financial year end.

Firms that carry out the following regulated activities regardless of size are likely to require a statutory audit:

  • MiFID investment firms (not all MiFID firms require an audit, talk to us if you’re not sure)
  • Authorised insurers
  • UCITS management firms
  • E-money issuers
  • Banks

MiFID investment firms usually include BIPRU, IFPRU and CAD exempt firms however in some cases exemptions do apply.

Even if your firm doesn’t require a statutory audit, you may still need a Client Money and Custody Asset (CASS) Assurance Report depending on your activities. To find out more about these +44(0)330 024 3200 or email us at hi@hhllp.co.uk.