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

If your company financial year ends on or after 1 October 2012. Your company may qualify for an audit exemption if it has at least 2 of the following:

• an annual turnover of no more than £6.5 million
• assets worth no more than £3.26 million
• 50 or fewer employees on average

360 are one of a handful of small independent accountants in Hull to be 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 approach to audit engagements and complete their work efficiently and with the minimum amount of disruption to you.

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.