We consider Rouse to be a trusted adviser on all of our operational matters, providing impartial advice and experience.


Do I need an audit?

The government has announced key changes to company and LLP audit and reporting requirements. The changes remove the need for many more companies and LLPs to have an audit and apply to financial years ending on or after 01 October 2012.

The government has announced that:

  • For small companies the audit thresholds will be aligned with small company accounting thresholds
  • For qualifying parent companies and their subsidiaries that an option will be available to not have subsidiaries audited and instead for the parent to provide a statutory guarantee over their subsidiaries’ liabilities, and
  • Dormant subsidiaries will be exempt from the requirement to prepare and file accounts.

Whilst the changes have been marketed by the government as saving businesses millions in reporting and accountancy fees, there are, of course, a number of factors to consider in making a decision as to how to proceed.

Please contact us for guidance in this area.

But my financial year end is before 01 October 2012…

For companies with financial years ending before 01 October the previous rules will apply. If you meet one or more of the criteria below you will be required to have a statutory audit:

  • Turnover – Where a company or limited liability partnership has turnover above the statutory audit limit, currently £6.5 million excluding VAT.
  • Gross Assets – Where a company or limited liability partnership has gross assets of more than the small company limits, currently £3.26 million.
  • Regulated industry sector – Examples of regulated businesses include financial services providers, charities, friendly societies and solicitors. At Rouse, we can provide specialist audit services for these sectors.
  • Shareholder request – Where a shareholder deposits a notice under Section 476 of the Companies Act 2006 requiring an audit be carried out.
  • Lender request – Where the bank or other lender requires that audited financial statements be prepared.

I am considering selling my business…

You may also consider having an audit if you are considering selling your business to help you achieve the maximum sale price. We can provide specialist advice on preparing your business for sale.

If your business is approaching the threshold or if you are in any doubt whether you require an audit contact us and we can advise you further and provide a no obligation, quotation for our audit services.


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