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.