Latest Audit and Assurance

When it comes to running a subsidiary company in the UK, understanding the audit requirements is crucial. While some companies may qualify for audit exemption, many UK subsidiaries still find themselves needing an audit. Here’s why:-   Legal Requirements Under the Companies Act 2006, most UK companies are required to have their annual accounts audited…

Following my post back in October 2024 which reported on the government’s commitment to follow through on plans to increase company size thresholds, we now have the legislation confirming the audit threshold changes and when they will be implemented.   What are the changes? For financial years beginning on or after 6 April 2025, thresholds…

With minimal fanfare, the Government has published a green paper for its much hyped industrial strategy. So what opportunities and threats does this present: Invest 2035: the UK’s modern industrial strategy   This 10 year plan is aimed at stimulating growth and economic security, creating quality well paid jobs, and transitioning the UK to Net…

The new Labour government has confirmed that it will proceed with significant changes to UK company size thresholds, a proposal made by the previous Conservative government that aimed to reduce the regulatory burden on businesses.   This decision, announced by Jonathan Reynolds MP, Secretary of State for Business and Trade, will see the monetary size…

Protecting your organisation from cyber threats is more critical than ever in today’s digital age.   One of the most effective ways to protect your organisation from cyber threats is through comprehensive end-user training. Decisive IT  is Whitings LLP’s IT consulting and support subsidiary and we offer an end-user cybersecurity training service. This provides a…

Have you heard about the new audit exemption thresholds?   Before the recent General Election the Conservatives announced plans to increase the audit exemption thresholds. For the Turnover and Gross Assets thresholds, this increase is significant (50%), effective for accounting periods starting on or after 1 October 2024. For certain growing companies, this presents an…

What could the changes to Audit exemption limits mean for you?   The government has recently announced changes to company law that will see company size thresholds increased by 50%. This is hoped to reduce complexity and additional burden for companies. These changes are intended to be in place for year ends commencing on or…

UK company size thresholds are set to increase, but what does this change for you?   In his recent economic speech on 18th March 2024, Rishi Sunak unveiled significant changes aimed at simplifying reporting requirements for businesses. Among these measures, he announced an increase in the thresholds used to determine company size.   Understanding Company…

ISA’s are the International Standards on Auditing. There are regular changes, revisions and new ISA’s implemented across the audit world. A recent revision to ISA 315 is well talked about, due to the significant changes it brings to audits.   ISA 315 covers ‘Identifying and Assessing the Risks of Material Misstatement’ and the revised ISA…

From Monday 3 October 2022, the UK government has changed the ‘small’ company threshold, which is expected to remove 40,000 businesses from certain reporting regulations. Since January 2016, a company qualifies as ‘small’ in the year that it does not exceed two or more of the following: Annual turnover:                                   £10.2m Gross Assets:       …