Audits

Not every business needs to be audited annually, but a lot do, depending upon their circumstances. 

It can come as a bit of a surprise when you realise you will be required by law to submit to a statutory audit.

This could be because:

• You are a PLC or a banking, insurance or finance company (or a subsidiary of such)
• Your professional or trade organisation requires you to have audited accounts
• The company shareholders have not agreed to opt-out of the audit

The rules are complicated and change frequently!

You may be exempt one year, but due to a change in circumstances, become liable the following year and so on. We can advise you about your specific responsibilities – taking care of everything if you need to submit a statutory audit or, on the other hand, saving you accountancy fees if it’s not required.

There are even circumstances where it’s a good idea to have an audit, even if it’s not a legal requirement. It can provide helpful working knowledge and highlight opportunities that you may otherwise miss.