Auditing

If you are a limited company and your annual turnover or balance sheet total exceeds a certain limit (referred to below) then it is a legal requirement to have your statutory accounts audited.

Our approach to an audit assignment is not based purely on helping a business fulfil its needs. An audit gives us an ideal opportunity to look inside a business and see what makes it tick.

We can then pass this knowledge on to the company's management team to help them get the most out of their business.

The audit thresholds for companies with accounting periods commencing on or after 6th April 2008 are:

Accounting periods

Commencing on or after 6th April 2008:

Turnover not more than £6.5m with a Balance Sheet Total not more than £3.26m

Commencing 5th April 2008 or prior:

Turnover not more than £5.6m with a Balance Sheet Total not more than £2.8m

Even if you do not exceed the thresholds referred to above, there could still be occasions when you are legally required to have an audit.

For example:

  • pension schemes
  • charities
  • housing associations
  • schools
  • clubs and societies
  • where required by the constitution of the entity

You can also have an audit voluntarily.