3. What are the audit exemptions & thresholds?

30th November 2023

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 are also situations where you must have an audit, regardless of your size or turnover. These include:

  • Public companies
  • Corporations that have shares traded on a regulated market
  • Recognised banks or insurance companies, and investment firms that are part of the Markets in Financial Instruments Directive (MiFID)

If you are unsure whether your business is exempt from the requirement for an audit, get in touch with a qualified professional today.