Do I need to hire an external auditor for my company accounts?

Whether or not you need to hire an external auditor for your company accounts depends on your company’s size, structure, and jurisdiction. In many cases, smaller businesses, with a turnover less than £10.2 million, less than £5.1 million in assets or less than 50 employees, might not be legally required to undergo an external audit. However, larger companies or those in regulated industries often have this obligation. Even if not mandated, an external audit can enhance the credibility of your financial statements and provide an independent assessment of your company’s financial health.