Most private limited companies are exempt from statutory audit if they qualify as small, meeting at least two of: annual turnover no more than 10.2 million pounds, balance sheet total no more than 5.1 million pounds, and no more than 50 employees on average. However, audit may still be required if your company is part of a group requiring audit at group level, if shareholders holding 10% or more of shares have requested one, or if a lender or investor requires audited accounts. These thresholds are set by legislation and are subject to change. Confirm your position with our audit team.