Legal Requirements Of Audit For An Audit Essay examples

761 Words Mar 19th, 2016 4 Pages
Introduction

Thank you for your consideration on potentially interested in having audit for your company, Scottish Treats Ltd and reaching out to our firm. The queries you laid out in your letter are a great sources of information in order to determine that the company needed in having an audit. In the next part of the letter, I will be explaining the answers to your queries and clearly clarify whether the company need in having an audit. The information for the company hoping to go for listing on stock exchange allows us to broaden our analysis for and answering your queries. Besides, the topics which will be disclosed in relation with the queries are including several legal requirements of auditors, the relation between audit and company’s financial statements and most importantly the massive argument on the independence of auditors. All of these topics will help you as a managing director to prominently grasp the key data on audit for the company.
The position in having an audit for the company

Firstly, there are legal requirements of audit which differs for the company, Scottish Treats Ltd in terms of before or after the company being listed. Based on Companies Act 2006, it stated that public companies must have an audit unless it’s dormant and private companies have audit exemption if it follows certain elements or it must have an audit. The information on Companies House describes private companies may grant audit exemption if it has at least two of the following…

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