Companies that are not audit exempt
Companies not entitled to take advantage of audit exemption include:
- Public companies, banks, insurance companies, companies regulated under the financial services legislation, trade unions and employers associations;
- Certain charitable companies;
- And companies where holders of not less than 10 per cent of share capital require an audit.
In addition, many small entities require reports to be prepared by registered auditors. These reports must be produced under legislation other than the main legislation governing company accounts. Such entities include:
- Pension schemes;
- Industrial and provident, and friendly societies;
- Solicitors, chartered surveyors, estate agents and registered social landlords;
- And travel agents.
The constitution of many small companies and entities, including clubs and societies, also requires an audit report.
More from Audit and Accountancy
Audit and Accountancy are central to the services Simpson Wood provides.
We provide a complete range of Audit and Accountancy services to business of all sizes and structures covering a wide range of sectors.
For more information please click on the relevant service below.
Our Audit Exemption Team
- Audit and Accountancy
- Tax and Estate Planning
- Business Advice and Support
- Corporate Finance
- Independent Financial Advice