Your company may qualify for an audit exemption if it has at least two of the three following criteria for two consecutive financial years:
- An annual turnover of no more than £10.2 million
- Assets worth no more than £5.1 million
- 50 or fewer employees on average
The rules can be more complicated as there are some situations that would prevent your company claiming the exemption.
Although many companies don’t need to legally have an audit our experience is that many still choose to have one as a health check or to aid their future plans.
The benefits of having an audit are numerous. An audit presents a genuine opportunity to develop your business. It can improve a company’s efficiency and profitability by helping management to identify strengths and weaknesses in the business. It helps you to better understand your own working, financial systems and identify your business risk.
Having an audit makes your numbers and financial statements submitted to financial institutions more reliable. This is beneficial to all companies, especially when you are looking to sell or seeking more finance to grow your business.
Why use Haines Watts Auditors in Manchester?
We always take the time to better understand your business. Our audit approach is tailored to each individual client allowing us to deliver quality audit services. Our Manchester auditors will be able to give you further guidance on the audit process. Please contact our office on 0161 832 6413 or email manchester@hwca.com
Address
Haines Watts Manchester
3rd Floor, Northern Assurance
Albert Square
9/21 Princess Street
Manchester
M2 4DN