Certain
businesses and other organisations require an audit by law, or for
other reasons.The most
common circumstances are as follows:
-
Where a company (or limited liability
partnership) has an annual turnover exceeding the statutory audit
limit - currently £5.6 million excluding VAT, increasing to £6.5
million for periods beginning after 6 April 2008.
-
Where a company (or limited liability
partnership) has gross assets exceeding the small company limits -
currently £2.8 million, increasing to £3.26 million for periods
beginning after 6 April 2008.
-
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. |