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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:
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.
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:
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.