A company which is not defined as small, under Companies Act 2006, has to have an audit.

The limits for a company to be deemed to be small is for annual turnover not exceeding £10.2m, gross assets not exceeding £5.1m and number of employees not exceeding 50. If the company can meet 2 out of the above 3 requirements, then it does not need to have an audit. However, the shareholders of the company can choose to have a voluntary audit and this is particularly true where they have a loan from a bank and the bank requires audited accounts.

There are several other reasons why an entity would need an audit such as:

  1. The business is a PLC, a banking, insurance or finance company.
  2. The subsidiary is a member of an ineligible group.
  3. A charity that falls within the audit requirements.
  4. The business is required by a professional or trade organisation to have their accounts audited.
  5. A solicitor who holds client money and is required to have an independent review under the Solicitors’ Accounts Rules.

Adeza Consulting Ltd is authorised to undertake Audits in the UK and is governed by the Association of Chartered Certified Accountants (ACCA). We can carry out Audits at a reasonable price without  compromising on the audit work being undertaken. The audits will be lead by the Director who will be there from the planning right through to completion and signing off of the audit report.

At the end of any Audit, the client is provided with documents which state any inefficiencies in their internal systems and controls which the audit had identified, what steps should be taken to mitigate the risks to these systems, advice on areas where the business can improve their cashflows etc.

On behalf of the client, we can also liaise with the bank in respect of the audited accounts as well as other organisations who would be interested in the audited accounts.