There are situations where a company may want to voluntarily have an external audit, and those where it is required to. Standard private limited companies are required to have a statutory audit should they meet two of the following criteria: A turnover of more than £10.2 million Assets totalling more than £5.1 million Currently employing … Read more
An audit is an examination of your financial information by an external independent body to understand whether the financial statements of your business reflect a true and fair view. This will include the performance of a series of standard audit procedures on your balance sheet and income statement figures (plus supporting notes) to ensure your … Read more
Some businesses may be exempt from UK audits regardless of size or turnover, as outlined above. There are four situations in which a company may not require an audit. These are: Dormant companies Small stand-alone companies A small member of a small group A subsidiary of a UK parent company providing a parental guarantee There … Read more
Yes – if you are asked by shareholders who own at least 10% of your shares, you must arrange for an audit to be carried out on your accounts. The audit can be requested by a single shareholder with a greater than 10% share in your company, or by a group who total 10%. This … Read more
