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Registered Auditors

We are authorised by the Institute of Chartered Accountants in England and Wales to carry out statutory audits for UK registered companies and charities.

Statutory audits are currently required for companies if either of the following criteria are met:

The gross income exceeds £5.6 million in any one financial year or the total assets of the company exceed £2.8 million.

Statutory audits are also currently required for registered charities if:

The gross income exceeds £250,000 in any financial year or the total assets of the company exceed £1.4 million. If the charity is not incorporated then an audit is required if gross income or expenditure exceeds £250,000 in any financial year.

For accounting periods commencing on or after 27 February 2007, the criteria for statutory audits for registered charities changes to:

If gross income exceeds £500,000 in any financial year or if the gross assets of the charity exceed £2.8 million then a statutory audit is required. However, unincorporated charities that have gross assets exceeding £2.8 million but have gross income of less than £100,000 can elect to have an Independent Examination instead of a full audit.

However, UK legislation also states that companies falling into the following categories, regardless of their level of turnover, are not exempt from the audit requirements:

• A public company
• A banking or insurance company
• A company which is authorised under the Financial Services Act 1986 to conduct Investment Business
• The company is an insurance company to which part II of the insurance Companies Act 1982 applies
• A special registered body or association as defined in the Trade Union and Labour Relations (Consolidation) Act 1992
• The company is, or was at any time during that year, a member of an ineligible group
• A company in which members holding more than 10% of the issued share capital or 10% of a particular class of share have lodged an objection to the exemption

At The MGroup Partnership, Chartered Certified Accountants we have a highly specialised department that provides an expert audit service to a wide range of companies.

Unincorporated organisations may also be required to have their financial statements audited under the rules of the particular regulatory body under which they are registered. Typical organisations to which these rules may relate to include Charities, Solicitors, Clubs and Friendly Societies. At The MGroup, we can also provide skilled and experienced staff to undertake these tasks.

In addition to our comprehensive auditing service, we have experienced personnel that undertake all manners of accounting work associated with the preparation of companies' financial statements in accordance with the Companies Act 1985 and other related services.