Hanley Morgan Cooper - Chartered Certified Accountants & Registered Auditors

A: Not always, but each case must be considered individually. Exemption from statutory audit may be available to certain companies that meet specific criteria. Some other types of company are required under company law to undergo an annual audit regardless. Even if a company could ordinarily avail of exemption, there may be other necessities for an audit, arising from bank financing requirements, shareholder agreements, members' interests, etc

A: Directors of all companies are required to file regular returns to Companies House (CH) and the Companies Registration Office (CRO). Where this has consistently not been done the CH and CRO will begin an Involuntary Strike-Off procedure which, if not checked, eventually results in the company no longer being in existence and all assets may transfer to the Crown or State. New companies with poor or no filing history are at greater risk than established ones which historically have a generally good filing record. If you receive a notice of strike-off contact a professional advisor immediately to bring your filing affairs into line.

A: Beware of the many unqualified and unauthorised people claiming to be accountants, offering the general public services at very low fee levels; The level of their training, experience and competence often leaves a lot to be desired These individuals are not insured and if they make a mistake with your figures you can end up paying too much or too little tax - but you are the one responsible, not them! To be properly carried out, every engagement requires an absolute minimum amount of work, and these individuals very often cut corners and miss important issues which result in you, the taxpayer, being exposed to financial penalty from Revenue By all means shop around and get different quotes - but do make sure that you only deal with fully qualified practitioners. Check that they carry professional indemnity insurance. Check that they are regulated by a professional accountancy or taxation body. Check that they hold the required certification (a practising certificate from one of the regulatory bodies), authorising them to offer their services (because not all fully qualified accountants can actually offer these services)