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Audit threshold ?

Hi Everyone !

I will prepare soon the accounts of 2 companies which apparently do not need any audit.

Could you please remind me what are the actual thresholds in turnover  / BS under which audits are not complusory.How are those thresholds calculated ( any tricks ? ).

Are there specific rules for the accounts presentation then ?

Sure this question will get one million posts ? ( unlike my Joint Venture question earlier on ....)

A big thank !

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14th Feb 2012 10:58

Audit thresholds

The audit thresholds for individual (not members of a group) companies are set out in s.477 CA 2006.  The company's accounts must satisfy all three conditions:

it qualifies as a small company for the year under s.382, andthe turnover (time apportioned if not a year) must be less than £6.5M, andthe balance sheet total (fixed assets, net of depreciation, plus current assets) must be less than £3.26M.

The balance sheet must contain the statements set out in s.475.

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14th Feb 2012 15:54

Thanks Euan for this interactive post v!

Kind regards

C

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