For financial years starting from the 1st January 2016 your business will need an audit if you exceed any two of the criteria below:
- Turnover (net of vat) above £10,200,000 (£10.2 million).
- Gross Assets above £5,100,000 (£5.1 million) – that is fixed assets plus current assets.
- More than 50 employees.
The overall purpose of an audit is to show that your accounts are true and fair. The most typical use of audited accounts is to allow your suppliers to credit score you and customers to make sure you are stable to deal with. An audit takes time and has to be carried out even if your accounts are complete and accurate. We may need to attend your premises to test your accounting systems or attend stock takes at the year end from our Exeter office.
Once we complete the audit we produce a report to attach to your accounts that will be filed at Companies House and can be seen by any member of the public.We can quote a fixed fee for any audit. We are audit registered by the Institute of Chartered Accountants.