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ARTICLE · 15 MAY 2024

Why Do I Need An Audit?

Price Bailey
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There are a number of reasons why you may require an audit or assurance report. Whether to meet your compliance requirements, provide assurance to investors...

United KingdomAccounting and Audit
Price Bailey LLP
Price Bailey LLP

There are a number of reasons why you may require an audit or assurance report. Whether to meet your compliance requirements, provide assurance to investors, or review your processes and controls, they can sometimes be seen as an interruption to your business.

The government recently announced that the audit thresholds above which an audit is a legal requirement will be set to increase for financial years starting on or after 1 October 2024. The current* threshold limits state that an audit is not required for a small company if it matches the following three criteria:

  • A turnover below £10.2 million,
  • A balance sheet total of less than £5.1 million, or
  • Less than 50 employees for two consecutive years.

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