Do I need audited accounts?

A financial audit is a check carried out by a qualified practice which enables them to provide an independent opinion about the financial information you publish. An auditor will check your financial information by sampling order books, invoices, bank statements and other relevant data.

Not all companies need to audit their accounts; they can submit abbreviated financial statement.

Companies get their accounts audited for a number of reasons:

• A majority shareholder requests that accounts are audited
• It is a legal requirement:
  • Your business is regulated by the Financial Services Authority, FSA
  • Your turnover is in excess of £6.5m and your balance sheet in excess of £3.26m and over 50 employees.
• You chose to have your accounts audited as they give peace of mind to those lending you money or providing you with credit.

We have our own audit team that will audit your accounts for you, in fact we are frequently asked to perform the auditing services of other accountancy practices that do not have the trained personnel.