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Festivals Toolkit: Financial Planning: Appointing Auditors

Notes here are taken from the Companies House website.

1. What is an auditor?
An auditor is a person who makes an independent report to a company's members as to whether its financial statements have been properly prepared in accordance with the Companies Act 1985. The report must also say if a company's accounts give a true and fair view of its affairs. Most companies are required to have their accounts audited - see question 2 below.

2. Must all company accounts be audited?
No. If they qualify for exemption and wish to take advantage of it, dormant companies and certain small companies do not have to have their accounts audited.

For a charitable company to qualify for total audit exemption, it must qualify as small, its gross income must not be more than 90,000 and its balance sheet total must not be more than 2.8 million. Charities with a gross income between 90,000 and 250,000 and a balance sheet total of not more than 1.4 million qualify for partial exemption.


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