Generally in the United Kingdom companies, only companies with substantial turnover and assets require to have their accounts audited. This is to ensure that the financial data found in the report based on the cash flow and income of the business reflects the financial position of the organisation at that time.
Companies Act legislation now confers on companies, exemption from audit, unless they meet at least two out of three of the following criteria:
- The company's annual turnover is more than £10.2m
- The company's total assets are more than £5.1m
- The company has more than 50 employees
- Different thresholds apply for the audit of charities.
Also an audit will be required if the company was at any time during the period one of a number of types of company, such as a public company or a banking or insurance company, or
if at least 10 per cent of the shareholders give written notice demanding an audit.
It is the auditors responsibility to form an independent opinion that the accounts give a true and fair view; and report their opinion in a report (known as an audit report) to the company's shareholders.
In the United Kingdom audits can only be conducted by suitably qualified accountants who are registered auditors. Our team are fully qualified to carry out these services and ensure to include all the necessary factors in our audit reports.
Our partners have the necessary qualifications and are registered auditors. We can, therefore, act as auditors of your company whatever its nature or size.
For further information about the services we offer and how we can help through creating audit reports, do not hesitate to call Leapman Weiss on 020 8446 2220 for support in London.