Audited Accounts

[Bumfluff]

how do I go about getting my accounts audited, my accounts are simple / basic but I was exempt from Auditing as turnover < x. However I now need to have these accounts Audited, does it have to be a different accountant to who produced the accounts ?

[Danbro]

Danbro Accounting Ltd

Hi,

Just to let you know an Audit will normally be expensive, could be up to £2k for a simple set of accounts.

It doesnt have to be a seperate firm but the accountants would have to have an auditing certificate so potentially it may have to be a different accountant in that perspective.

If your accountant can perform audits then they will be able to do this, it will be a different manager who performs the audit to remain independent.



Thanks

Neil

[Bumfluff]

£2k ****

[Turion]

how do I go about getting my accounts audited, my accounts are simple / basic but I was exempt from Auditing as turnover < x. However I now need to have these accounts Audited, does it have to be a different accountant to who produced the accounts ?

Why? Is your turnover that high. You must be raking it in as a contractor. What skills/expertise do you have. If we all start to do what you're doing we will bring rates down for you and you won't need auditing.

[Bumfluff]

Why? Is your turnover that high. You must be raking it in as a contractor. What skills/expertise do you have. If we all start to do what you're doing we will bring rates down for you and you won't need auditing.

No the mortgage company Im remortgaging with have said they want to see 'Audited accounts' , explained the small business excemption etc waiting to here back from them now

[Ruprect]

fk that - use contractor money

[Nixon Williams]

No the mortgage company Im remortgaging with have said they want to see 'Audited accounts' , explained the small business excemption etc waiting to here back from them now

They often use the phrase "audited accounts" but accounts prepared by an accountant are usually sufficient.

Audited accounts are only required if the turnover exceeds £5.6 million or the gross assets exceed £2.8 million.

Alan

[ASB]

No the mortgage company Im remortgaging with have said they want to see 'Audited accounts' , explained the small business excemption etc waiting to here back from them now

Not uncommon, but generally they don't actually realise what they are asking for. I think this stems from the days - long gone now - when all companies required an audit. Generally what they mean by "audited" accounts in this context is externally prepared and confirmed. Unless you do your own accounts whatever your accountants have produced, and stated as "full and fair view" should keep them happy.

[Bumfluff]

Thanks for the replies mortgage company came back and said as long as accountant did them and Im small business thats ok, it just wasnt clear what they meant by audited. I thought that would be the case but trying to get someone who knows at the mortgage company to confirm it was a real pain they are just so busy, I had to wait a day to get a reply for this question, I couldnt afford to waste time so worked on worse case they would need to be audited. Remortgaging at moment is not fun, if anyones needs to remortgaging with a different lender in the next 4 or 5 months I would start the ball rolling now.

[NotAllThere]

You might well find that if you'd said "But I do all my accounts myself", they still would have accomodated you.