Audit

• 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!

However, we aim to deliver hassle-free audits and there are good reasons for having an audit even if you are not required by law to have one...

• An audit involves a detailed review of the company's accounting system and systems of control and also requires a detailed understanding of the company's business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters
• An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references, etc
• A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market
• The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster