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Audit exempt accounts

If I move to audit exempt accounts will this affect our ability to arrange leases for cars.

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I have bought a small company. If we move to audit exempt will leasing companies automatically refuse new car leases, regardless of our assets, as our immediate accounts are unaudited. We will have several previous years of audited accounts on which we have arranged leases.


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15th Apr 2019 13:30

The honest answer is to ask the Leasing companies. They will know your answer.

In reality it shouldn't, as a lot of small companies won't have an audit anymore, but you never can tell.

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15th Apr 2019 13:44

There wouldn't be much trade for leasing companies if they refused to consider unaudited companies.

Must be over 90% unaudited these days. It's a lot of business to throw away.

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15th Apr 2019 13:46

I suppose it is possible that the same changes that take you out of audit (falling turnover and balance sheet) will make seem higher risk to lenders

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to WhichTyler
15th Apr 2019 14:01

It appears OP was having a voluntary audit, so was small before and small after.

Of course, the leasing companies will read the audit report and realise that it is inappropriate for them to base their risk assessment on, as they will have fully read and understood the Bannerman disclaimer on the accounts (Stop laughing at the back).

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