Statutory Audits

Companies that qualify as small companies under Companies Act 2006 are usually exempt from audit, unless they are members of a group or are charities and required to follow the charity audit thresholds.

The definition of a small company: a company is small if for both this year and last year it was not ineligible, and it met two out of three of the following criteria:

For periods beginning before 1 January 2016:

Turnover <£6.5m
Total assets <£3.26m
Number of employers <50

For periods beginning on or after 1 January 2016:

Turnover <£10.2m
Total assets <£5.1m
Number of employers <50 

If your company does not meet the above criteria then you need an Audit. 

Making the audit work for you

A full review is made of all controls, and advice given where they can be improved. Repetitive tasks are highlighted and current working practices are looked at with a view to help streamline the flow of information. An evaluation is carried out on the current business system (manual or computerised) to determine if it meets current and anticipated demand.

Audit Team

All members of the Audit Team have been put through our own internal training courses and are expected to be professional, polite and punctual at all times during the audit. Where possible, the same Team are used for subsequent audits giving our clients the opportunity to build a rapport and help reduce repetitive learning cycles.

Audit Fees

Our fees for carrying out the statutory audit will be agreed with you in advance of the commencement of the audit.

The end result

At the end of the audit, you should feel as if it was a worthwhile exercise. If areas of the business are under performing, then at least you will be in the position and armed with the best advice to do something about it! Either way, we hope you come to view the audit more as an opportunity than an unnecessary expense to the business.