1. When does my company need an audit?
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 more than 50 people
If your company does not meet the criteria necessary to require an audit, you may still choose to have one as it can help ensure that your financial reports are accurate and compliant, adding extra confidence to key stakeholders and other users of the accounts.