When do I need an audit?

If you meet one or more of the criteria below you are required by law 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.

Do I need an audit if I am 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.