Audit and Assurance

All private limited companies are subject to annual statutory audits unless they meet two of the following rules:

  

Accounting periods beginning
on or after 1/1/16

Accounting periods beginning
before 1/1/16

Turnover   Less than £10.2 million  Less than £6.5 million  
Total assets   Less than £5.1 million  Less than £3.26 million  
Number of employees   50 or fewer  50 or fewer  

 

Some other types of companies must have an audit.  You can find out more here.

Even if not legally obliged to do so, there may still be a good reason for having an audit, for example:

  • The bank ask for an audit to help them to make lending decisions
  • To help with making key decisions
  • If you are thinking of selling your business
  • To help with tax-planning
  • To uncover fraud
  • To identify potential financial problems
  • In preparation for when your business legally needs an audit

So whether you are dissatisfied with the service you are currently receiving, or think your business may require an audit for the first time, contact our Audit & Assurance Services team today.

Services expert: 
Manager - Audit & Assurance Services
Director - Audit & Assurance Services and Forensic Accounting & Litigation Support

Accounting For Change: Audits...

Whether you are legally obliged to have an audit or not, annual reporting requirements are not optional.

Due Diligence

The collating, analysis and interpretation of information to aid business decisions