How an audit can benefit your business

An audit is an official inspection of a company or organisation’s accounts by an independent body. A company can choose to be audited in order to prove to its investors or shareholders that its accounts are sound. An external audit should also determine whether all financial reporting is in accordance with current accounting standards and […]

When does my business need an audit?

The threshold for compulsory filing of audited financial statements rose on 6 April 2015 to those businesses with a turnover of £10.2 million or more for periods commencing from 1 January 2016. This is part of a new European Commission directive which allows member states to choose whether to significantly raise the existing threshold to […]

FAQ: ‘To audit or not to audit, that is the question’

Unsure if you need an audit? Well, no need to panic. Below is a list of criteria that you will need to satisfy in determining if your company needs an audit. 1) Is the company’s turnover for the year > £6.5m 2) Is the company’s gross assets > £3.26m 3) Is the average number of […]

Is Audit Dead?

Ever since 1993, Companies’ legislation has allowed those below a certain size limit (by reference to turnover, gross assets and number of employees) to forgo their annual audit – the check by independent, fully-qualified auditors – to ensure that the annual financial accounts were reasonably stated and not misleading. Over the past 15 years or […]

How to work with your accountant to avoid excessive Audit fees

An audit is a process of checking how a company presents information in its Annual Accounts.  Not all companies will require an audit and an audit is NOT the preparation of Annual Accounts. Contrary to popular belief not every business transaction is scrutinised during the audit, that would take far too much time and expense.  […]