If you are required by law to have an audit, we will complete the audit for you. Whilst an audit is a statutory obligation,
we will also be able to identify any
weaknesses in systems and offer advice to management on how key areas can be improved.
The main reasons why you will be required by law to have a statutory audit are…
| 1. |
Your turnover exceeds £5.6million or the company is part of a group whose turnover exceeds that figure; |
| 2. |
You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these); |
| 3. |
You are required by your professional or trade organisation to have your accounts audited; |
| 4. |
Your shareholders do not agree to opting out of the audit; |
However, we aim to deliver hassle free audits and there are good reasons for having an audit even if you are not required by law to have one…
 An audit involves a detailed review of the company's accounting and control systems and also requires a detailed understanding of the company's business. Such a review and knowledge can offer increased opportunities to provide proactive business advice on many matters;
An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Revenue, Customs & Excise and suppliers who may be seeking credit references, etc;
A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market;
The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster. |
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