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.
Does my Business Need an Audit?
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. An audit is a much more in depth review of your accounts and systems resulting in a specific audit report. An audit can assist you in finding areas where your business can be improved.
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.