Audits, where applicable, are not only good for investors’ confidence, but by law your business may be required to have them. There are good reasons for having an audit as the process involves a detailed review of the company's accounting systems, Internal Controls and also thorough understanding of the company's business, therefore providing  increased opportunities.

An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the taxman and suppliers who may be seeking credit references. The possibility of fraud can be further reduced as a result as an audit can also act as a deterrent to any potential fraudster.

The main reasons  you are required by law to have a statutory audit are...

  1. You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these);
  2. You are required by your professional or trade organisation to have your accounts audited;
  3. Your shareholders do not agree to opting out of the audit.

Audit thresholds are aligned with Small Company qualification, meaning companies are exempt from having a statutory audit if they meet 2 of the 3 following conditions:

  • Turnover below £6.5million
  • Balance sheet total below £3.26 million
  • Less than 50 employees


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