Audit Exemption

Most small private limited companies do not need an audit of their annual accounts – unless the company’s articles of association say it must or enough shareholders ask for one.

For companies with financial year ends after 1 January 2016, you may qualify for  audit exemption if your company meets two of the following: –

  • Has an annual turnover of no more than £10.2 million
  • Has assets no more than £5.1 million
  • Has 50 or fewer employees

 

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Last updated: 18 December 2018