Do you still need an audit?
New rules came into force recently that may mean that you don’t need to have your accounts audited. This was a move designed to reduce the burden on smaller companies and effectively align the audit exemption with the definition of a small company.
You will now only need an audit for a year ending after 1 October 2012 if you meet two of the following:
• annual turnover is greater than £6.5 million;
• the balance sheet total is greater than £3.26 million;
• the average number of employees is greater than 50.
There are still a number of reasons why you would wish to have an audit given the value it can add to a business. However, if you wish to dispense with the audit this might be an opportunity to consider how your audit budget might be invested to help your business grow and maximise shareholder value.
If you’d like to consider your options, please get in touch.
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