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Signing of accounts: directors and auditors

Who is required to sign company accounts?

Subject to certain exemptions, a company that meets the small company criteria in respect of a financial year is exempt from the requirement to have an audit of accounts for that year. The conditions are:

  • that the company qualifies as a small company in relation to that year,
  • that its turnover in that year is not more than £5.6 million, and
  • that its balance sheet total for that year is not more than £2.8 million.

It is important to note that there are many benefits and reasons for a company to have an audit. We will be pleased to discus these with you.

Companies that are not exempt include:

  • A public company
  • A company that is an authorised insurance company, banking company, an ISD investment firms or a UCITS management company, or a company that carries on insurance market activity.
  • Dormant companies, subject to conditions

A company's accounts must be signed on the balance sheet by a director as approved by the board of directors.

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