Audits are compulsory for private limited companies that meet any two of the following criteria:

• Their turnover is more than £10.2 million.

• They have assets totalling in excess of £5.1 million.

• They employ more than 50 people. 

Audits are often also chosen by companies who want to ensure that they are providing a fair and accurate representation of its financial position.

Reasons to get an audit:

• Shareholders may choose not to take up the option to opt out of having an audit.

• A PLC or banking insurance or finance company (including any subsidiaries)

• Help reduce the risk of fraudulent activities and stand as a deterrent.

• Sales or mergers may require audits and help appeal when selling due to the external verification of the position.

• This could be for shareholders and owners to have confidence in the annual financial statements. It could also be to satisfy lenders and suppliers.

Audits are often required for certain charities and pension schemes whilst some professional bodies such as The Law Society require solicitors who hold clients’ money to submit their client accounting to an annual audit.

In addition, other regulated areas include travel agents regulated by ABTA and IATA and property agents regulated by NAEA.

We can assist and provide services in all these areas.

We are registered to complete audit work in the UK by the Institute of Chartered Accountants in England and Wales.