Non statutory audit:
Many small businesses don’t need to have an audit by law. However many of our clients still choose to have one, as there are tremendous benefits available for example:
- Achieve best price when selling business,
- Financial institutions such as banks are more comfortable to provide finance,
- Keep credit insurers and suppliers happy,
- Keep customers confident,
- Give you assurance in terms of internal controls and accurate results.
If your business is not a small company, there is a requirement of audit by law: (According to the UK’s Companies Act 2006 a small company is defined as one that does not have a:
- An annual turnover of no more than £10.2 million
- Assets worth no more than £5.1 million
- 50 or fewer employees on average
If your business meet 2 out of the above requirements, your business still require account to be audited by independent auditor. However above may not apply for charities and not for profit organization.
We have been providing audit and assurance services to small and medium size companies which include following sectors.
- Educational institutions,
- Wholesale and retail,
- Not for profit organizations,
- Solicitors accountant reports,