If your business is a limited company and has annual sales of £6,500,000 or more (before VAT) then there is a statutory requirement to have an audit performed on your accounts.

An audit gives a guarantee to you and anybody who sees the accounts at Companies House, that the figures are accurate and reliable.  Audited accounts also offer a comfort zone for banks and finance companies, as they can place more reliance upon audited accounts.

Audited accounts take longer to prepare and entail a full investigative report, rather like a health check, on your business.  Because of the additional work involved, audits tend to be more expensive.

Audits are only available for limited companies, limited liability partnerships, registered charities and some specialist businesses (eg solicitors).

Some limited companies are still required to have an audit even if their turnover is well below £5.6m as they may have a bank loan or overdraft that stipulates audited accounts.

Some limited companies volunteer to have an audit, as the directors and shareholders can place more reliance on the information to help with business decisions.

Whichever category you fall into, at Young & Co we have a dedicated audit team that will go through the audit process in detail with you. 

We will plan the audit to be as efficient and structured as possible to identify the key risk areas for your business.

We perform our audits under Institute rules and policies, so you can rest assured that the standard of work is to the highest possible level.

We are happy to perform audits at your premises to save you bringing your records in to us.