What is entailed in auditing?

It is possible to not file a complete set of audited accounts if you qualify for what are called abbreviated accounts and/or an audit exemption. You can usually file abbreviated accounts if you are a small company. A small company is defined as having a turnover of £5.6m or less, a balance sheet containing £2.8m or less of assets, or an average number of employees of no more than 50 if your business was incorporated before 6 April 2008. If your incorporation occurred after this date, you are a small company if your turnover is less than £6.5m, your balance sheet contains less than £3.26m of assets, or you have less than 50 employees. You should contact a company solicitor for legal advice on whether you are exempt from filing a complete set of audited accounts.

An audit exemption means that your company or Limited Liability Partnership won’t have to file complete audited accounts if it qualifies as a small company. You can still submit audited accounts if you wish, but you are not compelled to do so under company law. You should consult with your company solicitor and accountant to decide whether abbreviated accounts, audit exemption, or fully audited accounts are the most advantageous for your business.

Also, with the recent changes to company law, some smaller enterprises in the financial services sector, including home finance companies that also comply with Shari’ah law, should qualify for the audit exemption. If you are not sure whether your business falls into this category, contact a company solicitor for legal advice before submitting your audited accounts to Companies House. A company solicitor will ensure you comply with the necessary company law requirements.

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