Why do I need an audit?

Whether your business will require an audit depends on the structure of the business and a number of other factors. They can give meaningful insights into your business, whilst ensuring that strict compliance requirements are met. 

We can provide audit assistance in many ways, including:

  • Financial audits
  • Specialist audits (such as Charities, Solicitors Accounts Rules, and Academy schools)
  • Internal audits
  • International audits
  • Data Analytics

If the following questions sound familiar, then we have a team of over 90 specialist audit staff who can assist with your audit requirements:

  • What is an audit?
  • Does my business need an audit?
  • What does an audit entail?
  • Is my business exempt?
  • How will IFRS 15 and 16 impact me?
  • What is FRS 102?

Specialist sector advice

We also specialise in specific sectors including;

  • Charities
  • Healthcare 
  • Leisure and Tourism 
  • Manufacturing
  • Media & creative 
  • Property
  • Professional services
  • Technology

This specialist approach means we already have key insights and can easily identify how a business is performing, pin-point trends and spot opportunities or problems at an early stage. Our unique insight means we can anticipate the particular issues that your business or organization faces.

Audit exemptions

However, if you own or manage a private limited company, you may not need to get an audit of your private limited company’s annual accounts. Most small private limited companies only need an audit if their articles of association say they must or the shareholders ask for one. For companies with financial years that begin on or after 1 January 2016, your company may qualify for an audit exemption if it has at least 2 of the following:

  • an annual turnover of no more than £10.2 million
  • assets worth no more than £5.1 million
  • 50 or fewer employees on average

There are different thresholds for companies that have financial years beginning between 1 October 2012 and 31 December 2015; and financial years beginning before 1 October 2012.

Even if your company’s usually exempt from an audit, you must get your accounts audited if shareholders who own at least 10% of shares (by number or value) ask you to. This can be an individual shareholder or a group of shareholders.

Please contact a member of our Audit and Assurance team to find out how we can help you and your business.

 

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