#3 We Manage Your Audit

What is an audit?

An audit is the examination of a company’s financial records.


Who needs an audit?

  • You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these)

  • You are required by your professional or trade organisation to have your accounts audited

  • Your shareholders do not agree to opting out of the audit

 

Who's exempt from an audit?
For accounting periods starting on or after 1 January 2016, audit thresholds are aligned with the new qualification as a small company. This means companies (including LLP's) are exempt from having a statutory audit if they meet 2 of the 3 following conditions...

  • Turnover below £10.2 million

  • Balance sheet total below £5.1 million

  • Less than 50 employees

Most subsidiary companies are also exempt from audit where their parent company guarantees their liabilities.

 

We can advise you if you need an audit and if you don't, you may be able to save on accountancy fees.
 

Should I have an audit one even if I'm not required to by law?
There are good reasons for having an audit even if you are not required by law:

  • An audit involves a detailed review of the company's accounting and control systems

  • An audit can provide increased opportunities for provide proactive business advice

  • An audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the taxman and suppliers who may be seeking credit references

  • A history of accounts with clean audit reports is beneficial if you ever wish to sell your business or take it to the market

  • The possibility of fraud is reduced


Why choose JLA for your auditing needs?

  • We can give you a cost effective audit

  • We are experts in auditing

  • We have extensive experience

  • We work efficiently, tying your accounts to your need for an audit

  • W work with our clients throughout the year to lessen the financial blow and paperwork stress of year end audits

Need more detail?

We promise to tell it like it is and not to blind you with jargon.

JLA Chartered Acountants

42 Lytton Road

Barnet

Herts

EN5 5BY

Tel:  020 8441 1140

Fax: 020 8441 4101

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Email: info@jla.accountants

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© 2018 by JLA Chartered Accountants (UK) Ltd

 

Registered to carry on audit work in the UK by the Association of Chartered Certified Accountants. Details about our audit registration can be viewed at www.auditregister.org.uk