Do you know why you need an audit or why you should have one?
It’s imperative that statutory audits are carried out, especially if you run a certain business or work in a particular industry. If you’re looking for audit services to be carried out in Derby, Ilkeston or Ripley, then look no further than Mabe Allen. We’ll ensure that your audits are fully-compliant with UK law, so you’ll have absolute peace of mind when choosing us to carry those audits out on your behalf.
It’s important that audits are conducted properly and to a specific standard as that is what the law requires, currently. Some of the reasons why you’ll need to legally have an audit carried out are as follows:
- You’re PLC or a banking, finance or insurance company, this includes subsidiaries
- You’re required to have an audit carried out by your professional or trade organisation
- Your shareholders do not agree with the opting out of having an audit conducted
If accounting periods started on or after the 1st January 2016, then audit thresholds should be aligned with the new qualification as a small company. This means that companies (including LLPs) will be exempt from having a statutory audit, but only if they meet two or three of the following conditions:
- You have a turnover of below £10.2 million
- You have a turnover of below £6.5 million
- The balance sheet total is below £5.1 million
- The balance sheet total is below £3.26 million
- You have less than 50 employees
It’s important to note, however, that subsidiary companies will be exempt from having an audit carried out if their parent company guarantees their liabilities. Although, if you still aren’t sure where you stand in terms of having an audit conducted, then you’ll be able to rely on us to guide and point you in the right direction.
Despite this, there are a number of benefits associated with having an audit done, even if you aren’t required to have one carried out by law. Some of those advantages include the following:
- Your company’s accounting systems and systems of control will be reviewed in the process. By reviewing the aforementioned items, an increased number of opportunities will be provided, as well as being able to gain proactive business advice regarding a number of matters
- The status of your accounts, in the eyes of the bank and commercial lenders, especially, will be greatly improved. Credit references will also be made more attractive, something that could be beneficial should the Taxman or your suppliers be seeking them
- A solid history of your accounts with continuous clean audit reports could also be a factor should you come to sell your company or take it to the market, eventually
- The likelihood of fraud occurring can be dramatically reduced with an audit as they can act as a deterrent to potential fraudsters
We have a free consultation service available should you wish to discuss this further with a member of our specialist accounting team. In this no-obligation meeting, you’ll receive free, expert advice together with a fixed, competitive quote for peace of mind. You’ll be able to come to one of our dedicated offices to discuss your audit options with us. Alternatively, we can travel to your property, all at a date, time and place to suit you.
If you’d like more information about the audits we’re pleased to be able to carry out for you, then get in touch with us today – we’re always happy to advise and guide you through the process, ensuring you understand exactly what the audit will involve and what you can expect from it, from start to finish.