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Statutory audit There is a better alternative

The perception on many businesses owners is that audits have to be performed by the larger, city-centre practices. This is not the case. We have a great deal of experience in auditing, having acted for many large clients audits across a variety of business sectors.

Clients transferring to Kime O'Brien from larger practices have saved as much as 50% on their audit fees.

Feel free to ask us for the names of some of our existing audit clients, and they can tell you more about the quality of our audit service.

Who needs or would want an audit anyway?

The main reasons why you will be required by law to have a statutory audit are...

  1. You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these);
  2. You are required by your professional or trade organisation to have your accounts audited;
  3. Your shareholders do not agree to opting out of the audit.
  4. For accounting periods ending on or after 1 October 2012 audit thresholds are aligned with qualification as a small company, meaning companies (including LLP's) are exempt from having a statutory audit if they meet 2 of the 3 following conditions...

    • Turnover below £6.5million
    • Balance sheet total below £3.26 million
    • Less than 50 employees

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

    For accounting periods ending on or before 30 September 2012 an audit is required where your turnover exceeds £6.5million or your gross assets exceed £3.26 million or the company is part of a group that exceeds those limits.

We can advise you if you need an audit and if not, you can save on accountancy fees!

However, we aim to deliver hassle-free audits and there are good reasons for having an audit even if you are not required by law to have one...

  • An audit involves a detailed review of the company's accounting systems and systems of control and also requires a detailed understanding of the company's business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters;
  • An unqualified 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, etc;
  • A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market;
  • The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster.

Next Step:

Please contact us if you need further advice.