Our Audit Team
A statutory audit will be required by a company if one or more of the following four criteria apply:
One
The company satisfies two out of three of the following thresholds for two consecutive years.
- An annual turnover of no more than £10.2 million
- Assets worth no more than £5.1 million
- 50 or fewer employees on average
Two
The company is a PLC or a banking, insurance or finance company (or a subsidiary of one of these).
Three
The company is required by its professional or trade organisation or other similar organisation to have its accounts audited.
Four
The shareholders specifically request a statutory audit.
We aim to deliver hassle free and efficient audit service to our clients and support clients who wish to have an audit even if they are not required to by law.
- An audit involves a detailed review of the company’s accounting systems and systems of control and also requires a detailed understanding of the company’s business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters.
- An unqualified audit report can improve the status of the accounts in the eyes of banks, commercial lenders, the Revenue, Customs & Excise and suppliers who may be seeking credit references, etc.
- A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market.
- The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster.
To find out more about our services, please contact Darren, Philip or Ann for a FREE no obligation consultation to see how we can help your business.
01746 761717 info@stantonralph.co.uk