While your annual accounts and audit might be a necessary part of meeting your compliance requirements, as a leading firm of chartered accountants in Stratford-upon-Avon and Warwickshire, we understand that they are an opportunity for far more than simply keeping Companies House and your shareholders happy.
Companies with a turnover and/or assets above a certain threshold must undergo an audit to confirm that their annual accounts are accurate and comply with the law. Companies below the threshold may also undergo an audit if the shareholders or articles of association require this.
If your company financial year ends on or before 30 September 2012 your company may qualify for an audit exemption if your company meets BOTH of the following:
- has an annual turnover of no more that £6.5 million
- has assets worth no more than £3.26 million.
Shareholders can require that an audit is carried out, for example, if they are not involved in the day-to-day running of a business and want reassurance that their investment is being properly looked at.
Subsidiary companies will also be exempt from statutory audit provided that their parent company guarantees their liabilities and files certain documents with Companies House.
If your company financial year ends on or after 1 October 2012 your company may qualify for an audit exemption if your company meets 2 of the following:
- has an annual turnover of no more than £6.5 million
- has assets worth no more than £3.26 million
- has 50 or fewer employees on average.
As audit specialists, our aim is to use these processes to add value to your business. In doing so, a key priority will be to make sure that we thoroughly understand your business: how it operates, the major issues that you and your managers face and your existing controls.
When we carry out an audit, we look at it as a yearly opportunity to review the ongoing development of your business. So in carrying out your audit, we will identify and highlight weakness in your internal financial and management systems and controls and offer advice on improving these.
We will also advise on ways that you can run your business more efficiently, including offering recommendations to improve IT systems.
If your business is exempt from the full audit requirement but still requires statutory accounts to be filed at Companies House, and accounts and tax computations to be submitted to HM Revenue & Customs, we can prepare the annual accounts from your records, either at your own premises or in our office.
We will prepare your accounts to provide you with a useful source of information to support your long-term planning and decision-making and will also time your accounts production so that you can take advantage of early tax planning opportunities.
Details about our audit registration can be viewed at www.auditregister.org.uk, under reference number: C006823932.