The main reasons why you will be required by law to have a statutory audit are…
1. You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these);
2. You are required by your professional or trade organisation to have your accounts audited;
3. Your shareholders do not agree to opting out of the audit.
4. For accounting periods ending on or after 1 October 2012 audit thresholds are aligned with qualification as a small company, meaning companies (including LLP’s) are exempt from having a statutory audit if they meet 2 of the 3 following conditions…
Turnover below £6.5million
Balance sheet total below £3.26 million
Less than 50 employees
Most subsidiary companies are also exempt from audit where their parent company guarantees their liabilities. For accounting periods ending on or before 30 September 2012 an audit is required where your turnover exceeds £6.5million or your gross assets exceed £3.26 million or the company is part of a group that exceeds those limits.
At MCT Partnership LLP we have a proactive approach to our audit services, working closely with clients to ensure the audit process is completed as efficiently as possible and adds commercial value to the business.
Our Audit approach is based on developing a sound understanding of the business, how the business operates, the major issues it facesand the long term objectives of the business and its owners.
We offer the following services
• Statutory audits
• Audits for regulated industries such as Solicitors and Travel Agents
• Charity audits
• Review of systems and controls