Statutory Audits
There is much confusion around audits even by business people who have them annually. Simply put an audit is a review of a business’s books and records, transactions, systems and controls.
There is much confusion around audits even by business people who have them annually. Simply put an audit is a review of a business’s books and records, transactions, systems and controls.
The criteria for a statutory audit, per the Companies Act 2006, changed in October 2012 and brought them into line with the criteria for small companies. So, if you meet the definition of a small company then you will generally be exempt from an audit. The criteria are as follows:
From October 2012 your company is a small company and exempt form audit if it meets two of the following:
The company may still need an audit if:
Prior to October 2012 an audit was required if one of the following was breached:
There are different criteria for groups, group companies and dormant companies.
Nathans and Joe Bannister FCCA both hold the auditing qualification and auditing certificate and are well placed to discuss your auditing needs should you need one for whatever reason.