What is an audit and why may I need one?

What is an audit and why may I need one?

Every company is required to produce a set of accounts each year that complies with the requirements of the Companies Act 2006. Those rules also mean it has to comply with Accounting Standards.

An audit is an extra step in which your auditor examines the accounts and carries out checks and tests to allow them to prepare an audit report. The audit report provides the reader with assurance, among other things, that the accounts give a true and fair view.  Companies which are classed as “small” under the Companies Act are often exempt from a statutory audit.