01. Do I need an audit?

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26 June 2025

You are legally required to carry out an audit if your company exceeds the small business thresholds. This means that in the past two years you’ve exceeded at least two of the following thresholds: Turnover not more than: £15m Balance sheet total (i.e total assets) not more than: £7.5m Monthly average number of employees, not […]

faq :

You are legally required to carry out an audit if your company exceeds the small business thresholds.

This means that in the past two years you’ve exceeded at least two of the following thresholds:

Turnover not more than:£15m
Balance sheet total (i.e total assets) not more than:£7.5m
Monthly average number of employees, not more than:50

Some industry sectors may also be required to carry out an audit, including financial services, solicitors, charities, friendly societies and more.

Additionally, you may need an audit if a shareholder requests it under Section 476 of the Companies Act 2006, or if a lender requires one to approve a loan.

The information available on this page is of a general nature and is not intended to provide specific advice to any individuals or entities. We work hard to ensure this information is accurate at the time of publishing, although there is no guarantee that such information is accurate at the time you read this. We recommend individuals and companies seek professional advice on their circumstances and matters.

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