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.

From the initial review, the auditor forms an opinion that is relayed in the auditor’s report. An audit is not an investigation to prove wrongdoing.

For financial years that begin on or after 1 January 2016 your company may qualify for audit exemption if it has at least 2 of the following:

  • Annual turnover of no more than £10.2m
  • Gross assets worth no more than £5.1m
  • Average employees of 50 or fewer
  • The company may still need an audit if:
  • It is required per the memorandum and articles of association
  • It is requested by shareholders owning at least 10%

There are different criteria for groups, group companies and dormant companies.

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Joe has over 30 years experience in Accountancy and qualified in 1996 with the Association of Chartered Certified Accountants (ACCA). He has subsequently become a Fellow of the ACCA.

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Regulated for a range of investment business activities by the Association of Chartered Certified Accountants Registered as auditors and regulated for a range of investment business activities in the United Kingdom by the Association of Chartered Certified Accountants © 2021 JNB Accountancy Limited t/a Nathans. All rights reserved Registered address: Unit 3B Trident Business Centre, Amy Johnson Way, Blackpool, FY4 2RP Registered in England, company number: 09335227.

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Unit 3b Trident Business Centre
Amy Johnson Way
Blackpool
FY4 2RP

Tel: 01253 298859

Email: joe@nathansaccountants.co.uk

 

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