Statutory and Non-Statutory Audit
The turnover limit for a statutory audit has been increased for those companies with a turnover of £10.2 million or more. It is a legal requirement for these companies to have an audit, but we aim to turn this statutory requirement into a useful and effective tool, by using the information that we gather during the audit to offer advice which will improve the business efficiency and profitability.
With the increase in the audit limit numerous companies have fallen out of the requirement for a statutory audit. However, the nature of most of these companies is that they are small or family run, and need the assistance of financial institutions or their main suppliers by way of finance. It is these institutions that will require the company to have an audit, as this will provide them with security that the accounts they have are true and fair. As stated before, we can turn this ‘requirement’ to your advantage.