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Audit & Assurance

Statutory audits are required by legislation for limited companies or limited liability partnerships that meet the following conditions:

  • Turnover of £6,500,000 with gross asset of £3,260,000
  • Turnover of £6,500,000 with 50 or more employees
  • Gross asset of £3,260,000 with 50 or more employees
  • Requested by 10% or more of the shareholders
  • Required within the Memorandum & Articles of Association

Statutory audits are required by legislation for charities that meet the following conditions:

  • Gross income of £500,000
  • Turnover of £250,000 with gross asset of £3,260,000

Organisations that meet the audit exemption may want an audit for various reasons. These may be that the directors wish to show good governance, a requirement to obtain a bank loan, a requirement to obtain grants or a requirement to be able to tender for certain types of contracts. These are known as non-statutory audits. However the same vigorous tests of statutory audits will be applied. Charities with gross income over £25,000 requires an Independent Examination.

Please contact us to discuss your requirements as the services offerred will have to be tailor-made.

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