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Audit Support

Do you know why you need an audit or why you should have one?

The main reasons why you will be required by law to have a statutory audit are…

  • You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these)
  • You are required by your professional or trade organisation to have your accounts audited
  • Your shareholders do not agree to opt-out of the audit

For accounting periods starting on or after 1 January 2016 audit thresholds are aligned with the new qualification as a small company, meaning companies (including LLPs) are exempt from having a statutory audit if they meet 2 of the three following conditions

  • Turnover below £10.2 million
  • Balance sheet total below £5.1 million
  • Less than 50 employees

For accounting periods starting before 1 January 2016 and ending on or after 1 October 2012, small companies, meaning companies (including LLPs) are exempt from having a statutory audit if they meet 2 of the three following conditions…

  • Turnover below £6.5 million
  • Balance sheet total below £3.26 million
  • Less than 50 employees

Most subsidiary companies are also exempt from audits, where their parent company guarantees their liabilities.

For accounting periods ending on or before 30 September 2012, an audit is required where your turnover exceeds £6.5 million, or your gross assets exceed £3.26 million, or the company is part of a group that exceeds those limits.

We can advise you if you need an audit, and if not, you can save on accountancy fees!

However, we aim to support hassle-free audits, and there are good reasons for having an audit even if you are not required by law to have one.

An audit involves a detailed review of the company's accounting systems and systems of control and also requires a thorough understanding of the company's business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters.

An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references, etc.

A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market.

The possibility of fraud can be reduced, and an audit can act as a deterrent to any potential fraudster.

R Johnson Ltd provides comprehensive audit support that helps organisations complete their annual or interim audits with little disruption to business as usual.

Let us provide the technical support your Finance Team needs to comply with regulations and give stakeholders comfort on the reported accounts.

We will liaise directly with the auditors on your behalf and produce the technical papers and working papers  from your records to support your numbers.

Contact us today for a fixed fee quote.

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Please contact us if you need further advice, have any questions about our services, or would like a free consultation or a fixed quote.