Rowley's Chartered Accountants Leicester

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Larger Businesses > Audit

You should expect any supplier to have your best interests at heart. With an audit it's even more important. A genuine relationship isn't an optional extra - it's indispensable. You're giving someone a very privileged glimpse of your operation. You should certainly be able to depend on your auditor to come back with more than just numbers.

The audit requirement is governed by Law and small companies would normally be audit exempt. However, many entities value the assurance provided by an audit and so continue to have one. There may be other reasons that also make it commercially desirable to continue with an audit.

There are a number of specific rules, but in general, limits for an audit relate to turnover and assets of a company. For accounting periods beginning on or after 6 April 2008, the limits are as follows:

• Where turnover exceeds £6.5 million.
• Where the gross assets on the balance sheet exceed £3.26 million.

As other specific criteria apply to audit exemption, you need to check with us if you would qualify or whether an audit would be desirable. Some other entities require audits, such as charities and pension schemes. Specific rules apply and our auditors can help you decipher the regulations.

Want to find out more?
Give Paula Swann-Jones, Tony Jarvis, Robert Radford or Lisa Austin a call on Leicester 0116 282 7000

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