Does my business need an Audit? What are the criteria?
At present, businesses who meet 2 or more of these criteria do not need an audit –
- A turnover of £10.2 million or less
- 50 or few employees on average
- Assets worth less than £5.1 million
If your private company exceeds 2 or more of those thresholds, or if you do not but your shareholder agreement states that you must carry one out, then you will be subject to audit each year and will require a specialist accountant.
When would my Audit be carried out?
Your audit is carried out following the preparation of your year-end accounts and can be included as part of a package of accounting services put together for your business and managed by our experienced partners.
Choosing the right Accountants for your Audit
Not only are Cottons Chartered Accountants registered auditors, but we are also constantly looking to provide added value to the process. A well-detailed report will highlight information which can have an extremely positive effect on the future progress of your business.
We undertake audits for a range of business types including:
- Registered charities
- Healthcare providers (doctors surgeries, opticians, care homes…etc)
- Reports and audits on law firms under the Solicitor Accounts Rules (SRA) Accounts Rules
- Overseas parents with international subsidiaries
- Overseas subsidiaries with overseas parents
- Group structures
- Regulatory FCA (Financial Conduct Authority) Audits
- Reports to grant awarding bodies and funders
In addition to our statutory audit service, we can produce specialist reports including solicitor accounts’ rules, a provision offered by only a fraction of audit accountants. We also work with many charities for their audit needs.
What to do next
If you are looking to work with a forward-thinking accountant and would like to learn more about our competitive fees then contact us now to talk to us about how we can help.