There are situations where a company may want to voluntarily have an external audit, and those where it is required to. Contact Edwards Accountants today to discuss whether your company needs an audit.
Your company will require an audit if it has:
- an annual turnover of more than £15 million
- assets worth more than £7.5 million
- 50 or more employees on average
If your company does not meet the criteria necessary to require an audit, you may still choose to have one to ensure that your financial reports are accurate and compliant. An audit can add extra confidence to key stakeholders and potential acquirers and increase the value of your business.
Your company must have an audit if at any time in the financial year it has been one of the following:
- a public company (unless it’s dormant)
- a subsidiary company (unless it qualifies for an exemption)
- an academy
- an authorised insurance company
- carrying out insurance market activity
- involved in banking
- an issuer of electronic money (e-money)
- a Markets in Financial Instruments Directive (MiFID) investment firm
- an Undertakings for Collective Investment in Transferable Securities (UCITS) management company
- a corporate body and its shares have been traded on a regulated market
- a funder of a master trust pension scheme
- a special register body
- a pensions or labour relations body