Clayton & Brewill can help you comply with your statutory audit requirements as well as working with you to use the annual audit to identify areas for improvement and growth.
Do I need an audit for my business?
Generally speaking, if your business turns over in excess of £10.2 million, has gross assets worth £5.1 million or more or employs more than 50 people, you are likely to need to prepare an audited set of annual accounts.
These audit thresholds have recently been increased in line with the new company size thresholds.
If your business is in a regulated industry sector then it will require an audit even if turnover, assets or employee numbers are lower than these limits. These sectors include financial services, charities, friendly societies and solicitors.
Additionally, a shareholder can request an audit via a Section 476 Notice.
Not sure if you need an audit? Click here to contact Clayton & Brewill for a quick answer.
What are the benefits of an audit?
Audited accounts provide valuable and reliable information to external organisations such as banks, HMRC and investors who may use your statutory accounts to make financial decisions. Clayton & Brewill’s efficient, friendly and insightful team will ensure you are compliant with all the relevant legislation.
Beyond the compliance aspect however, Clayton & Brewill can help you to use your annual audit as a valuable tool for identifying opportunities to improve and develop your business. As well as looking at your books, we will conduct a thorough financial analysis of your business and help you establish solid foundations for future growth.
An audit can also be useful if you are planning to sell your business will enhance the credibility and reliability of the figures being submitted to prospective purchasers..
If you have non-director shareholders, the audit can provide assurance that the figures shown in the accounts are a true representation of the company’s performance. Equally, an audit can help to identify any weaknesses in the accounting systems and can reduce the scope for fraud.
If you are planning to sell your business, it can be useful to consider an audit – even if you are below the audit requirement threshold – to give potential purchasers confidence in your numbers.
For more information on our audit services or to request a fixed fee, no obligation quote, please email Yvonne Jackson or call the Clayton & Brewill Nottingham office on 0115 950 3044.