Audit & Assurance

We believe audits provide reassurance that the annual accounts are reliable, not only to shareholders; but a variety of stakeholders, such as lenders, customers and creditors.

We ensure you have met the statutory audit requirements and we concurrently review all business systems to identify and discuss any potential issues. We assist management in implementing any agreed solutions with the aim to mitigate future problems.

The turnover threshold which currently exempts most companies and limited liability partnerships (LLPs) from a statutory audit is £10.2 million.

Certain companies, charities and specialised trades also require mandatory statutory audits, as required by legislation.

Since 1 January 2016, the definition of a small company which is eligible for exemption will normally be one that meets two or more of the following criteria for the current and previous year:

• An annual turnover of no more than £10.2 million
• Assets worth no more than £5.1 million
• 50 or fewer employees on average

Not all companies with turnover under £10.2 million come within the audit exemption provisions. Public companies and those carrying on particular types of business, such as insurance broking and financial services can also be subject to an audit.

Additionally, Shareholders can require that an audit is carried out, for example if they require reassurance that their investment is being properly looked after.

Should you require an audit, we can ensure that your statutory audit requirements have been met, and stakeholders reap benefits.