To audit or not to audit – that is the question!
The answer to that question is also needed by many growing businesses. As your turnover, assets and staff numbers grow, so does the likelihood that you legally need an annual audit. If you’re unsure, jump to the section below for help with Audit services.
If you need to get your accounts audited, our audit services are designed to make sure the process does not disrupt the running of your business. Our audits also result in financial reporting with significant commercial value to you.
If your company doesn’t require an audit, don’t rule one out – especially if your business is growing fast! A thorough audit can give you:
- The most accurate, up-to-date financial information for making good decisions
- A reduced risk of fraud or error, because irregularities are likely to be found quickly
- Extra credibility with lenders, clients and credit rating agencies.
Our auditors are fully experienced and all audits are signed off by our in-house RIs (Responsible Individuals). Get in touch with our Audit Team today to learn more or click the button below for an instant, transparent quote for your audit.
Does every company need to be audited?
The short answer to this question is ‘no’ – although there are major advantages to an annual audit, even if one isn’t required.
In a nutshell, the law says you must have your annual accounts audited each year if:
- Your company’s articles of association say that you must
- A least 10% of your shareholders ask for one.
In addition, if two or more of the following apply to your business, you will almost certainly need an annual audit:
- You have an annual turnover of over £10.2 million
- Your company has assets of more than £5.1 million
- You have 50+ employees on average.
Regardless of the above, there are also certain types of company that must have an annual audit. These include:
- Public companies (unless dormant)
- Subsidiary companies (there are exemptions – we can advise you)
- Insurance companies (authorised companies or those carrying out insurance market activity)
- Companies involved in banking or issuing electronic money.
There are certain other companies that must have their accounts audited. One of our auditors can advise you.
If your company does need an audit, then our expert audit services can help you comply with your legal obligations. Simply get in touch with a member of our audit team to discuss your requirements.
Meet the THP Audit Team
We’re here to help!
Hello. My name’s Andy Green and I’m a Client Director here at THP. I’m also one of our audit specialists, working with businesses of all sizes. We offer audit services to companies across London, Essex and elsewhere. If you’d like more information about our annual audit services, please get in touch via our Wanstead, Sutton, Chelmsford or Saffron Walden office.