Week 1 - Who needs an Audit

Question 1

Statutory audits are required for all companies unless they meet the exemption criteria…

Answer 1

2 of the following:
- an annual turnover of no more than £10.2 million
- assets worth no more than £5.1 million
- 50 or fewer employees on average

Question 2

Who has different rules depending on their structure?

Answer 2

Public sector (third sector) organisations (e.g NHS, Councils, Charities)

Question 3

Why may you want to be audited?

Answer 3

To prove your figures are reliable, which can also help secure bank loans