Statutory Audits
The current legal requirement with regard to a limited liability company is that if it’s annual turnover is greater than £6.5million or 10% or more of the shareholders request it, then the annual company accounts must be statutorily audited by a firm of Registered Auditors. These requirements do not override the situation that the company may still request a statutory audit for internal reasons.
We at Connelly & Co. are a firm of Registered Auditors and pay an annual licence fee and open ourselves to inspection by our registration body to maintain this licence.
Charities and Pension Schemes are governed by rules, which determine when a statutory audit is required. Various Clubs and Institutions may also stipulate in their rules and regulations that a statutory audit is required on their annual accounts.
