Audit requirement - any change??

Audit requirement - any change??

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Small and medium-sized company thresholds

A small company is normally one that meets two or more of the following criteria for the current and previous year:

images_dott Turnover not more than £6.5 million
images_dott Balance sheet total not more than £3.26 million
images_dott Not more than 50 employees

So client with assets £2,995,000 but bank loans £2,400,000 guaranteed by director

100k turnover

no employees

considering buying a property worth £1,000,000 this year

presumably an audit is still not required? Not sure if the budget/ EU changed anything??

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Teignmouth
By Paul Scholes
07th Apr 2012 14:11

Only one need be exceeded

Hi - the budget will never determine audit thresholds so best keep your eye on the Companies House guidance page.

A company need only exceed the balance sheet total (gross assets) OR turnover to require an audit and so if your client adds £1M to it's assets it will require an audit.

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