Should I have an audit? 
Do I need one?
As an owner or director it can put your mind at rest, especially if you are not involved in the day-to-day activities of the business.
If you have audited accounts it is easier to raise finance and should make the lending decision easier
Customers and suppliers are more comfortable doing business with your company.
When you have auditors, it creates better relationships with the Inland Revenue.
If you want to sell your business, potential purchasers are happier if there has been a regular audit. It helps with due diligence and arguably enhances the value of the firm.
If you are a fast growing company and expect to hit the audit threshold within a short period of time, you should consider an audit.
Am I exempt from an audit?
As a general rule, you are exempt from an audit if you have less than two of the following:
- A turnover of £5.6 million
- Assets of £2.8 million
- 50 employees
There are also other requirements that apply, for example if you are a Plc, a member of a group or within a regulated industry. As all situations tend to vary, ask one of our experts for advice on this.
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