Audited Accounts

A company must appoint an accountancy firm to audit their accounts if it has an annual turnover greater than £6.5 million or assets exceeding £3.26 million (figs accurate as of July 2016).

Companies with a turnover below the audit threshold can claim exemption from audit but must include a report by a qualified accountant. If exemption from audit is claimed the accounts must include a note stating the basis for claiming exemption.