Companies that meet two out of the three criterias will need to carry out a statutory audit.
- Companies who have a turnover of over £10.2 million excluding VAT.
- Companies who have assets worth more than £5.1 million
- 50 employees or more on average
Therefore, most companies are not required by statutory to have an audit although there are other reasons as to why a company may want an audit carried out. For example;
- Regulatory body requirement in your industry/sector
- Shareholders request
- Lenders requirement
- Grant claims requirement
- Preparation for the sale of your business
- Assurance for business information
As registered auditors we are able to perform audits for your company. Yes! has audit experience in the following sectors.
- Charities (schools)
- Pension Schemes
- Solicitors’ Regulation Authority (SRA)