Whitley Stimpson launches new Assurance Review service
Companies Act 2006 Statutory Audit Limits
Is your company paying thousands of pounds to have its annual accounts audited when there is no legal requirement to do so? It may be that you are not yet aware that the minimum thresholds for a statutory audit requirement for the financial periods commencing on or after 6th April 2008 increased to:-
- annual turnover of £6.5 million, or
- balance sheet total of £3.26 million
Assurance Review
It may be that you are having your company's accounts audited (even though they are technically exempt) because:-
- your bank requires an audit as part of their lending criteria, or
- external investors require an audit from a "comfort" perspective, or
- it is for the "peace of mind" of the business owners or managers.
Whitley Stimpson LLP can advise you and potentially save you significant costs by replacing the statutory audit with an Assurance Review. This is an approach devised by the Institute of Chartered Accountants in England and Wales that gives you the assurance of an independent formalised review. In certain circumstances banks may accept an Assurance review report rather than a statutory audit report. In addition, Assurance reports are finding favour with institutional investors in appropriate circumstances.
If you would like to attend a seminar on this, please send an e mail to info@whitleystimpson.co.uk. If you would just like further information, please either phone Nick Bullen on 01295 220911 or e mail him at nickb@whitleystimpson.co.uk.
