Do I need an audit?

As a rough guide, under the current rules (which were last updated for financial years ending on or after 1 October 2012) you will not need an audit if you are a private limited company and meet at least two of the following size criteria:

  • your turnover is less than £6.5 million
  • your assets are less than £3.26 million
  • you have less than 50 staff

However, the exemption based on size is not available if:

  • Any member or members holding not less in aggregate than 10% in nominal value of the company’s issued share capital, requests an audit, no later than one month before the end of the year in question
  • If the company was at any time during the financial year a public company, a banking or insurance company, an e-money issuer, a MiFID investment firm, a UCITS management firm or carries on insurance market activity
  • The company was at any time in the year part of a group requiring an audit

From October 2012 subsidiary companies of any size are also able to claim exemption from audit, subject to meeting certain conditions.

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