The main reasons why you will be required by law to have a statutory audit are.
· Your turnover exceeds £6.5 million or your gross assets exceed £3.26 million
or the company is part of a group that exceeds those limits;
· You are a PLC or a banking, insurance or finance company (or a subsidiary
of one of these);
· You are required by your professional or trade organisation to have your accounts
· Your shareholders do not agree to opting out of the audit.
We aim to deliver hassle free audits and there are good reasons for having an audit
even if you are not required by law to have one.
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 and commercial lenders, the Taxman 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
Every business has a statutory obligation to produce accounts annually for the relevant
authorities, typically HM Revenue & Customs and Companies House. This is a job that
someone has to do and most accountants do that job.
One of the key objectives in accounts preparation is to identify areas where we can
assist in minimising your tax liability. Another key objective is to ensure that
the accounts are compliant with all the statutory regulations.
In addition we like to gain a full understanding of your business so that we are
able to give advice and recommendations tailored exactly to your requirements. We
believe that accounts preparation in itself can give a massive insight to your business
and gives the bigger picture, to help with both the short-term objectives and long
term goals of the owners.
We take the time to explain your accounts to you so that you understand what is going
on financially within your business, helping you to plan for the future.