Do You Need An Audit?

A company is exempt from taking an annual audit if it has at least 2 of the following:

  • Annual turnover less than £10.2m
  • Assets worth less than £5.1m
  • 50 or fewer employees on average

However, some companies must have an audit even if they do meet the above criteria. A company must have an audit if at any time in the financial year it has been:

  • A public company (unless it is dormant)
  • A subsidiary company (unless it qualifies for an exemption)
  • An authorised insurance company or carries out insurance market activity
  • Involved in banking or issuing e-money
  • A Markets in Financial Instruments Directive (MiFID) investment firm or an Undertakings for Collective Investments in Transferable Securities (UCITS) management company
  • A corporate body where shares have been traded on a regulated market in a European state