An audit is a legal requirement when an incorporated business meets certain criteria. All audits must be carried out in compliance with International Standards of Auditing (UK & Ireland) with accounts prepared under UK GAAP.
Certain business types are always required to have an audit, including banks, brokerage companies, insurance companies and PLCs. Other corporate bodies will require an audit if the company or wider group size is over a specific threshold. Be aware that even if from a group perspective your UK activities do not need to be audited, you may still require a statutory audit under UK legislation.
For a UK subsidiary, we assess the size of the group it belongs to in order to determine whether an audit is required. A UK subsidiary of a group that meets two of the three criteria below must have a UK audit.
|Turnover||>£10.2m (net) £12.2 m (gross)|
|Gross Assets||>£5.1m (net) £6.1m (gross)|