Audit Accountants and Financial Audit Services
We’ve built up an experienced and professional audit team, who can cover a wide range of trades, professions and industries. So, whether you need an audit for your single company, group or you need a component auditor, our team are here to help.
We can also guide you whether you need an audit or not, as understanding the various exemptions can be complex, particularly if your company is part of a group.
Why have an Audit?
Your SME business or charity may need an audit or may choose to have one undertaken voluntarily because of the value it provides to you and your stakeholders.
An audit, whether it is voluntary or compulsory, enhances the credibility and reliability of your business’ financial statements. This can provide you and your shareholders with assurance that your results are not materiality misstated, leading to better decision making. It can also provide comfort to lenders or prospective purchasers of your business.
As part of the audit, we gain an understanding of your business, its environment and the internal controls that are in place, this can lead to valuable advice on improvements that could be implemented to help your business run smoothly and minimise risk. Having an audit can also act as a deterrent to fraud if staff are aware that a third party will be looking at what has been prepared.
Does your business need an audit?
Your business may qualify for an audit exemption if it has at least two out of the following three criteria:
- an annual turnover of no more than £10.2 million (pro-rate this if your accounting period is not 12 months)
- assets worth no more than £5.1 million
- 50 or fewer employees on average
If your business goes over two out of three of the above, it is likely that they will need an audit. There are some exemptions, such as if you were under these thresholds the previous two years, but this can be a complex area, so it’s worth getting in touch with us to confirm.
Similarly, your Company on a standalone basis may be small, but it could still need an audit if the group it is a part of breaches two out of the three criteria above. This can often catch out small subsidiaries of larger foreign groups!
What about Charities?
The charity audit thresholds are much smaller than the Company audit thresholds, with charities requiring an independent examination if your turnover is over £25,000-£1m (provided your gross assets are £3.26m or less), or a full audit if your turnover is over £1m (£250,000 if your gross assets are above £3.26m).
Why choose Wellden Turnbull as your auditors?
We understand that along with meeting your compliance needs, an audit can really add value to your business. We take a pro-active and personalised approach to help improve your business.
Wellden Turnbull are registered to perform audits in the UK by the Institute of Chartered Accountants in England and Wales, (ICAEW) reference number C006246631. We have experience in auditing under UK GAAP (FRS 102, FRS 102 1A, FRS 101) and IFRS.
We also cover charity audits and independent examinations.
Along with statutory audits, we can also help with special investigations (also called agreed-upon procedures), for example to investigate a theft for insurance or litigation purposes or due diligence when acquiring another business. We can conduct Interim reviews and profit verifications if required.