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.
Statutory audit:
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.
At Goldstar:
We have been providing audit and assurance services to small and medium size companies which include following sectors.
- Educational institutions,
- Wholesale and retail,
- Charities,
- Not for profit organizations,
- Solicitors accountant reports,