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Company Audit - Is Your Business Exempt?Company Audit - Is Your Business Exempt?The turnover threshold currently in place for statutory audit exemption is up to £6.5 million. However it's not quite so straightforward and there are other criteria that may mean you need to have an audit even if your company turns over much less. For example, if you offer insurance or financial products, are a public company or not classed as a small company, then you will have to have a statutory company audit. Public Company AuditingPublic company auditing is a statutory requirement and is in place to ensure that company shareholders are not being mislead about the financial position of a business they've invested money in.Public company's financial results also need to be accurate because they can directly influence the share price and therefore the overall value of the company. Private Company AuditingPrivate company auditing is not mandatory in all cases as mentioned earlier. So, how do you know if you're exempt based on the ‘small company’ qualifier?For your business to be officially classed as small, and therefore exempt from private company auditing, it will need to meet the following criteria;
Internal AuditsInternal Audits are conducted by specific employees typically in larger organisations. These employees have the title of internal auditors and look at a wide range of company issues from financial reporting to compliance with relevant laws and regulations.The Institute of Internal Auditors is an international organisation with over 150,000 members in the internal auditing profession. Company audit tip: If you're in any doubt as to whether or not your company is exempt from a statutory audit, it's important that you seek advice based on your individual circumstances from your accountant. |
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