Audits

Companies that must have an audit

Most small private limited companies do not need an audit of their annual accounts – unless the company’s articles of association say it must or enough shareholders ask for one.

Some companies must have an audit even if they meet the rules for not having one. Your company must have an audit if at any time in the financial year when it has been:

• a public company (unless dormant)
• a subsidiary company (unless it qualifies for an exception)
• an authorised insurance company or carrying out insurance market activity
• involved in banking or issuing e-money
• a Markets in Financial Instruments Directive (MiFID) investment firm or an Undertakings for Collective Investment in Transferable Securities (UCITS) management company
• a corporate body and its shares have been traded on a regulated market in a European state

Your company may qualify for an audit exemption if it has at least 2 of the following:

• an annual turnover of no more than £10.2 million
• assets worth no more than £5.1 million
• 50 or fewer employees on average

360 Chartered Accountants have been granted registered auditor status by the ICAEW (Institute of Chartered Accountants in England and Wales).

Our highly experienced audit team are extremely flexible in their audit approach, utilising Computer Assisted Auditing Techniques (CAAT’s) and the most recent paperless audit software – we can deliver a high quality audit engagement efficiently and with minimal disruption.

Our audit approach seeks to add value to your business by identifying areas of improvement across controls – both financially and operationally. We get to know you as a business in order to recommend the most impactful solutions.

We also perform audits for a number of small chartered accountants in the area who are not themselves authorised to perform audit work and this work is performed with a guarantee we will not approach the client for any other non audit work.