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Audits

Do you know why you need an audit or why you should have one?

The main reasons why you will be required by law to have a statutory audit are…

  1. You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these)
  2. You are required by your professional or trade organisation to have your accounts audited
  3. Your shareholders do not agree to opting out of the audit

For accounting periods starting on or after 1 January 2016 audit thresholds are aligned with the new qualification as a small company, meaning companies (including LLP’s) are exempt from having a statutory audit if they meet 2 of the 3 following conditions…

  • Turnover below £10.2 million
  • Balance sheet total below £5.1 million
  • Less than 50 employees

For accounting periods starting before 1 January 2016 and ending on or after 1 October 2012 small company, meaning companies (including LLP’s) are exempt from having a statutory audit if they meet 2 of the 3 following conditions…

  • Turnover below £6.5 million
  • Balance sheet total below £3.26 million
  • Less than 50 employees

Most subsidiary companies are also exempt from audit where their parent company guarantees their liabilities.

For accounting periods ending on or before 30 September 2012 an audit is required where your turnover exceeds £6.5 million or your gross assets exceed £3.26 million or the company is part of a group that exceeds those limits.

We can advise you if you need an audit and if not, you can save on accountancy fees!

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