Audit and assurance of limited companies

Broadly, any company in the UK will require an audit if:

• turnover is more than £6.5m; or
• gross assets are more than £3.26m; or
• its status or activities require it to have an audit; or
• more than 10% of the voting members request an audit.

If a company is a member of a group and the group exceeds similar thresholds it may also be required to have an audit.

A company which is not required to have an audit may still have an audit through choice. This is less common, but may be undertaken in certain circumstances, for example:

• where there are shareholders not involved in the day to day business;
• where a lender or financier requires an audit as a condition of a loan;
• where the owners are anticipating a sale, and wish to attain a higher level of assurance for the benefit of potential buyers;
• where the company may need to provide audited accounts to potential customers or suppliers, perhaps as part of a tender process.

We are statutory auditors, qualified to carry out audit work under the Companies Act 2006 and have considerable experience in carrying out audit work in a range of business sectors and specialist fields.

All audit work is conducted in accordance with the standards set out by the ICAEW and in an efficient and timely manner. We view the audit process as a means to providing an added value service to our clients. In all cases, we endeavour to provide constructive observations and conclusions to management and, where possible, to provide recommendations and solutions for future action.

If you need advice or would like to discuss how we might assist you, please do not hesitate to contact us.