Professional Services Audit

Professional services audits turn on judgement areas: unbilled work in progress, fee recognition, profit allocation between partners. We audit LLPs, partnerships and companies across the professions, handle the LLP SORP and regulator-specific requirements like the SRA Accounts Rules, and deliver to a timetable that respects your fee-earners' chargeable hours.

Professional Services Sector Expertise

We audit law firms (solicitors' practices, from high-street to City boutiques), consulting firms and agencies, accountancy practices, architectural and engineering practices, surveyors, recruitment businesses and other professional practices. Structures span LLPs, general partnerships, limited companies and groups combining service companies with the main practice — each with different audit, tax and reporting consequences we help you navigate.

Do LLPs and Partnerships Need an Audit?

LLPs follow the same audit thresholds as companies: for financial years beginning on or after 6 April 2025, an LLP is generally exempt if it meets two of three limits — turnover £15m or less, balance sheet £7.5m or less, 50 or fewer employees. General partnerships usually fall outside statutory audit altogether, though regulators, lenders or partnership agreements may require one. LLP accounts must also follow the LLPs SORP, which has been updated in line with the FRS 102 periodic review changes taking effect for periods beginning on or after 1 January 2026 — including new revenue recognition and lease accounting requirements. We confirm what applies to your structure and prepare you for the transition.

Work in Progress and Revenue Recognition

Unbilled WIP and accrued income are the dominant judgement areas in professional services accounts. We test time-recording data integrity, recoverability of aged WIP against realisation history, contingent and conditional fee arrangements, and cut-off between periods. The updated FRS 102 five-step revenue model sharpens the analysis of when performance obligations are satisfied — a genuine change for practices with fixed-fee, milestone and success-fee work, and one worth planning for before your first affected year end.

Partnership Accounting and Members' Interests

We audit profit-sharing arrangements and their application, members' capital and current accounts, drawings against allocations, retirement and admission adjustments, and the classification of members' interests as debt or equity under the LLPs SORP — the technical point that most often catches LLPs out. Clear, discreet handling of partner-sensitive information comes as standard.

Regulatory Overlays

Many professions add their own compliance layer: solicitors' firms need SRA Accounts Rules accountant's reports over client money (a service we run alongside the statutory audit — see our SRA Legal Audit page); surveying practices handle clients' money under RICS rules; and other professional bodies impose their own requirements. Professional indemnity arrangements, claims provisions and run-off cover also receive audit focus. One coordinated team covers the statutory audit and the regulatory reporting in a single exercise.

Why Choose Acumon for Professional Services Audits

Sector-experienced teams, fieldwork designed around fee-earner availability and billing cycles, a portal that eliminates repeated document requests, fixed fees, and integrated tax advice on partner remuneration, basis period reform and service company structures. Practical findings delivered in plain English to managing partners and finance directors alike.

What You Get With Acumon

• Law firms, consultancies, accountancy, architectural, engineering and surveying practices
• LLP audits under the LLPs SORP, including the 2026 FRS 102 alignment changes
• WIP valuation, recoverability and accrued income testing
• Revenue recognition for fixed-fee, milestone and conditional fee work
• Partnership accounting: profit allocation, capital and current accounts
• SRA Accounts Rules reports coordinated with the statutory audit
• Professional indemnity provisions and claims exposure review

Why Acumon for Professional Services Audit?

• ICAEW-registered and FRC-authorised audit firm
• SRA Accounts Rules reporting delivered alongside statutory audits
• Over 50% of the audit team come from top-4 and top-5 firms
• Integrated tax advice on partner remuneration and practice structures
• Uses the Inflo digital audit platform and a specialist client audit portal

Get a Fixed-Fee Quote

Tell us what you need and we'll come back within one business day with a clear scope and a fixed price — no hourly-rate surprises. Call 020 8567 3451 or use the form and we'll be in touch.