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enquiries@buzzacott.co.uk T +44 (0)20 7556 1200
Some companies and LLPs are not required to have an audit if they are “small” as they can take advantage of the Section 477 audit exemption. A standalone company will qualify as small unless it exceeds two of the three following size criteria for two years in a row:
| Turnover/revenue | <£10.2m (net) |
| Total assets | <£5.1m (net) |
| Average number of employees | Not more than 50 |
If the company or LLP is in a group, the whole worldwide group must be “small” for the entity to qualify for the Section 477 audit exemption. Find out more here.
As there are numerous advantages of having an audit, many companies will opt to have an audit even if an exemption is available.
These advantages include:
At Buzzacott, audit work is tailored to the risks in the business. We will provide you with confidence that the financial statements are materially correct and reflect fairly on the business. We are the largest single office accountancy practice in the United Kingdom and have all the resources a business would ever need all in one place to ensure value is maximised.
If you think you need assistance, just get in touch.
You want a streamlined audit process that doesn’t get in the way of your day-to-day. With us, you get clear communication and realistic timetables, so you know when milestones are due and how to meet them. And because our service focuses on the key areas of your organisation, we won’t take up more of your time than strictly necessary.
We audit all sizes of unlisted companies and LLPs, whether you are a start-up or a large group.
During our audits we offer detailed feedback on your systems and controls – feedback you can act on because it’s designed to suit and add lasting value to your organisation.
We audit businesses and charities like yours across the UK and globally, so we bring plenty of relevant experience to help everything run smoothly. And our people tend to stay with us, so you’ll often see familiar faces whose understanding of your situation grows every year.
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Does my UK subsidiary need an audit?
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