For some businesses an audit is a statutory requirement but for many it’s an independent perspective which provides valuable feedback on how the business is being managed and how to improve. You may also consider having an audit if you are planning to sell your business, to help achieve the maximum sale price.
Most limited companies are required to conduct an external audit if they meet two of the criteria below:
- Turnover is more than £10.2 million
- Assets total in excess of £5.1 million
- Employ more than 50 people