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1 minute read
A statutory audit is required when a UK Limited company or a Limited Liability Partnership (LLP) meets two or more of the following criteria:
Auditors report to the company’s shareholders (or
members) on whether the annual accounts show a ‘true
and fair view’ of the company’s financial activity and
position.
How does a company benefit from being audited?
It can be beneficial to opt for an annual audit, whether or not the above criteria have been met. You may wish to do so for the following reasons: