What is an Audit and How Does it Work?
Posted on 5th July 2021 at 11:45
The word “audit” fills many business owners with dread, so you’ll be pleased to hear that TreyBridge Accountants can oversee the process on your behalf.
An audit is an official inspection of your accounts by an independent body. Your business is legally required to have an audit if at least two of the following apply:
Turnover of £10.2m or over
Assets greater than £5.1m
More than 50 employees
However, sometimes even very small businesses may need to undergo an audit, as it enables HMRC to ensure that everything is in order. Fortunately, your business is a lot less likely to be audited if all of your tax affairs are properly managed by an experienced accountant.
An audit is a comprehensive process and the auditor will require access to the company accounts. This can be time-consuming and stressful for a business owner, so we’re here to work with the auditor and make it as hassle-free as possible for you.
We’re here to help
Want to know more about audits or require professional support? Call our Yorkshire office on 01482 235575, our London office on 0207 885 0605, or fill in the contact form below.
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