You will only require an Audit if you are statutory bound to do so!
To reduce your audit fees have you thought of ‘out sourcing’ your accounting function?
Companies Act 2006 requires a company to be audited if two out of the following three apply:-
1. Your turnover is greater than £6.5 million.
2. You employ over 50 people.
3. Total assets are greater than £3.26 million pounds.
All Registered Charities, above income of £500,000 or Gross Assets Greater than £3.26 million pounds, require an Audit no matter what the constitution of the charity may say!
Registered Charities whose income is greater than £25,000 and smaller than £500,000 with assets less than £2.8 million must prepare accounts which comply with ‘Statement of Recommended Practice’ and have at least an ’Independent Examination.’
* Audit of Statutory Accounts
* Reviewed Internal Controls and Assurance
* Charity Accountants Report & Audit