Below we have outlined the main reasons why you will be required by law to have a statutory audit:
- Your turnover exceeds £6.5million or the company is part of a group whose turnover exceeds that figure.
- You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these).
- You are required by your professional or trade organisation to have your accounts audited.
- Your shareholders do not agree to opting out of the audit.
We aim to deliver hassle free and efficient audit service to our clients and support clients who wish to have an audit even if they are not required to by law.
- An audit involves a detailed review of the company's accounting systems 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 Revenue, Customs & Excise 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.