03 Sep Small Companies Audit Requirements
Companies that must have an audit : Usually FCA registered Companies.
Your company must have an audit if at any time in the financial year it’s been:
- a public company (unless it’s dormant)
- a subsidiary company (unless it qualifies for an exception)
- an authorised insurance company or carrying out insurance market activity
- involved in banking or issuing e-money
- a Markets in Financial Instruments Directive (MiFID) investment firm or an Undertakings for Collective Investment in Transferable Securities (UCITS) management company
- a corporate body and its shares have been traded on a regulated market in a European state
As per Section 384 of Companies act, The following companies must get the Audit done : Usually FCA registered companies.
(1)The small companies regime does not apply to a company that F1… was at any time within the financial year to which the accounts relate—
(a)a public company,
(b)a company that—
(i)is an authorised insurance company, a banking company, an e-money issuer, [F2a MiFID investment firm]or a UCITS management company, or
(ii)carries on insurance market activity, or
(c)a member of an ineligible group.
(2)A group is ineligible if any of its members is—
[F3(a)a traded company,]
(b)a body corporate (other than a company) whose shares are admitted to trading on a regulated market in an EEAState,
(c)a person (other than a small company) who has permission under Part 4 of the Financial Services and Markets Act 2000 (c. 8) to carry on a regulated activity,
[F4(ca)an e-money issuer,]
(e)a person who carries on insurance market activity.
(3)A company is a small company for the purposes of subsection (2) if it qualified as small in relation to its last financial year ending on or before the end of the financial year to which the accounts relate.
Please let us know if you need to get an Audit done, we will get this done through our partner firm.