It’s a requirement for limited companies to undertake a statutory audit!

The requirement for limited companies to undertake a statutory audit in accordance with the Companies Act legislation has reduced over the years as successive minimum threshold limits have increased.

This has resulted in many firms of accountants dropping their audit authorisation altogether. Newer, less experienced practitioners, may not be able to obtain authorisation at all, as minimum technical and experience levels are required.

We are authorised by the Institute of Chartered Accountants in England & Wales. This authorisation requires us to undertake regular Quality Assurance visits to ensure we maintain high professional standards.
Our main work in this field are full statutory audits of limited companies and charitable organisations. We can also undertake slightly less onerous Independent Examinations, if required and if the entity qualifies for this lighter touch.

This is one area of our work where, unfortunately, we are unable to offer a fixed price service as to do so is considered to restrict our impartiality. We can however, provide an assessment of cost before agreeing to any assignment.

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Feel free to get in touch with us any time.

An audit story

Well actually it is an independent examination story of a charitable company. We were approached to carry out an independent examination of the charity’s accounts as the previous accountant was retiring. when we took over we found that the previous accounts presented to both Companies House and the Charities Commission were less than fully compliant. We discussed with the board and with the Chair specifically the additional reporting requirements needed. At first there was some reluctance to change but in light of the future plans for the charity it was agreed we should amend the accounts to be fully compliant. The charity has now adopted the fully compliant accounts and we have even assisted them in adopting new accounting software.