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audit exemption

Company with turnover for 2010 of £3m; bsheet £500k and less than 50 employees.

In 2011 tover up to £8.9m and bal sheet the same or thereabouts.

No audit took place in 2010- is audit due for the 2011 figures?

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Yes, the company needs an audit for 2011.

To qualify for audit exemption, the company must

1. Be small AND

2. Have assets < £3.26m AND

3. Have turnover <£6.5m.

The company is small, but criterion 3 is not met, therefore audit is required.

HTH

SA

 

 

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