You need an audit if you fall into any of the following groups – your turnover is more that £5.6m per annum (charitable companies more than £90,000) 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.
There are other circumstances that may require you to have an audit, including but not limited to, the constitutional documents of the entity and/or funders covenants requiring an audit.
For further details, contact Catherine Young.
Tel: 0191 243 6009
Email: catherineyoung@unw.co.uk