Do all companies need an annual audit?
You need an audit if your turnover is more than £5.6m per annum, or if your gross assets are more than £2.8m.
These rules don't apply to sole traders or partnerships, but they do apply to limited liability partnerships. Even if you are not required to have an audit, many businesses still choose to go through the process, for sound financial management reasons.
For further details, contact Catherine Young.
Tel: 0191 243 6009
Email: catherineyoung@unw.co.uk