Audit Threshold

For accounting periods starting on or after 1 January 2016, the gross assets threshold is now £5.1m (was £3.26m). The turnover threshold is now £10.2m (was £6.5m). The third threshold, number of employees, remains at 50 employees. For a small company, meeting two out of three of these criteria, an audit is usually not required. However, you must check or contact us to confirm.

Benefits of Having an Audit

These are many reasons why you should have an audit. Some relate to the process of reviewing and documenting your systems, policies, records and procedures. For example, establishing whether you have systematic weaknesses in your systems that could allow for fraud or omission. Some relate to what you want to achieve from your business. By undertaking an audit, we could identify areas of technology that may help your business become streamlined or more profitable; we could also provide assurance for potential buyers should you look to sell the business at a later date.

The Process

The process is straight forward. First you contact us, we meet-up and we become engaged as an audit firm. We then arrange a date to start the actual audit. We visit your premises and perform the audit. During the audit we use tests and analytical procedures in an attempt to satisfy our objectives. Once we have enough tests complete and evidence to come to a conclusion, we produce an audit report.

Internal Audit and Assurance Reports

We can offer you internal audit services which, instead of processing an audit report with the purpose of auditing the financial statements, will be specific to your requirements. We report to the management of your organisation.