Getting audited isn’t as easy as you think…

Many firms of accountants have surrendered their audit licence since the new compulsory audit thresholds increased at the end of last year. However, in order to audit solicitors’ accounts, the auditing firm has to be a registered auditor. And that puts us all in a bit of a Catch-22 situation. Here’s the rub. The turnover threshold that currently exempts most companies and limited… Continue Reading

Audit Exemption

It has been recently announced that small companies as defined in the Companies Act will be exempt from audit for accounting period ending after 1 October 2012. The exemption thresholds will now be quite high but as HMRC are stepping up their investigation activity, will exemption increase the risk of a HMRC enquiry? It is not within the scope of an audit to examine every the documen… Continue Reading