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When does my company need to have an audit?

Does my company have to have an audit?

Compliance with regulation is only one reason to have an audit. Many exempt organisations will voluntarily seek an audit to add an extra layer of confidence in their financial statements. You may also consider having an audit if you are planning to sell your business, to help achieve the maximum sale price. We can also provide specialist advice on preparing your business for sale.

What are the criteria that triggers a company audit requirement? 

The majority of standard private limited companies (i.e. those having their own legal entity) are subject to an external audit if they 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

Some companies that are not legally required to be audited choose to undergo the process for reassurance that their accounts are accurate and their financial reporting is in accordance with Companies House regulations. It may also be the case that key stakeholders require the company to complete an audit to satisfy their own internal criteria.

For further information contact the team to the right of this page.

Resources

We have a variety of audit resources which can be found below:

Audit & Assurance

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