The most common circumstances are as follows:

• Where a company (or limited liability partnership) has an annual turnover exceeding the statutory audit limit - currently £6.5 million excluding VAT.

• Where a company (or limited liability partnership) has gross assets exceeding the small company limits of £3.26 million.

• Where a business is regulated, e.g. solicitors and charities.

• Where the business' bank or other lender requires that audited financial statements are prepared.

One area most companies miss is where a UK company is a subsidiary of an overseas parent, and the group's worldwide income or gross assets exceed the limits.

At Seymour Taylor, we carry out audits on just about all kinds of businesses and organisations, including regulated businesses but excluding listed public limited companies.