When is an audit necessary?

Even if a company isn’t required to be audited by law, there can still be good reasons for appointing an auditor to undertake this exercise and produce an audit report. Essentially, an audit provides reassurance that the figures in the financial statements are ‘true and fair’. Commercially speaking, this places the company in a strong position in the eyes of … Read More

Audit exemption limits – does your company need an audit?

The rules governing which companies are required to have an audit have changed. For company year ends ending on or after 1 October 2012, a company may qualify for an audit exemption if it can satisfy 2 out of the following 3 criteria: has assets worth no more than £3.26m has an annual turnover of no more than £6.5m has … Read More