Audit trigger points
The company is close to breaching the audit threshold. Ideally the Audit team want to be involved when the company is expected to breach the thresholds in the first year to ensure that sufficient consideration has been given to opening balances, including consideration as to whether an accounting policy review is required.
New monetary size threshold. The table below sets out the new size thresholds that will be met for a financial year if any two of the three criteria are met. MICRO
SMALL
MEDIUM
Previous
New
Previous
New
Previous
New
Turnover not more than :
£632k
£1m
£10.2m
£15m
£36m
£54m
Balance sheet total* not more than:
£316k
£500k
£5.1m
£7.5m
£18m
£27m
Monthly average number of employees, not more than:
10
10
50
50
250
250
*ie, total assets
Contact: Kara-Marie Jones, Director Staverton