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Why have an Audit?

For many businesses, audited financial statements are a statutory requirement if the business fulfils at least two of the three following criteria:

For periods beginning before 1 January 2016:

  • turnover exceeds £6.5 million
  • gross assets exceed £3.26 million
  • business employs more than 50 staff

For periods beginning on or after 1 January 2016:

  • turnover exceeds £10.2 million
  • gross assets exceed £5.1 million
  • business employs more than 50 staff

However, even if you don't need an audit by law the real value of the audit process goes far beyond a box ticking exercise.

Having independent and unbiased confirmation of the businesses financial position and processes are useful for a variety of reasons:

  • An audit adds to the reliability and credibility to the published financial statements. This may be particularly useful to potential purchasers if the business owner(s) are planning to sell the business in the next few years.
  • Undertaking an audit will enable your advisors to measure and offer advice on the businesses Key Performance Indicators which will have real benefit to the running, and profitability, of the business going forward.
  • An audit will provide the stakeholders not directly involved in the day to day accounting function of the business the peace of mind that the numbers are accurate and processes and procedures are in place to minimise the potential for inaccurate accounting and in the worst case scenario, fraud.

 

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