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Do you know when you are required to have an audit? You may have heard of some recent changes in the audit requirements and are still confused or none the wiser. Well let us clear this one up for you;
Under the Companies Act 2006 two out of three of the following have to apply**:
|Balance sheet total *||> £3.26m|
|Average number of employees||> 50|
*fixed assets + current assets
** excludes: any specific requirements for an audit required by a company’s Articles of Association; rules that apply to subsidiary undertakings
To many business owners an external audit may appear a costly and unnecessary professional service. Before automatically reaching this conclusion you should consider the many benefits of having an audit. We have listed our top three:
We design our audits to focus on the risks that may have a material impact on the financial statements. It is a critical function of our approach that we get to know and understand your business. You are involved in our audit from the start to the finish. We report our findings in a practical and commercial way that makes sense and addresses any issues arising.
The key to carrying out any audit is preparation and planning in advance. We guide you through this process so the amount of work required is kept to a minimum and the audit experience produces the maximum benefit.
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Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson Accountants, Business & Financial Advisers is a trading style of Armstrong Watson LLP. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.
Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales No. 8800970. Registered office: 15 Victoria Place, Carlisle, CA1 1EW
Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales No. 7208672. Armstrong Watson Financial Planning & Wealth Management is a trading name of Armstrong Watson Financial Planning Limited. Registered Office: 15 Victoria Place, Carlisle, CA1 1EW