Is audit mandatory for companies in United Kingdom?

Not all companies in the United Kingdom are required to undergo an audit.

Audit requirements depend on company size and specific criteria such as turnover, balance sheet total, and number of employees. Many small companies may qualify for audit exemption if they meet the relevant thresholds.

For example, a small or medium-sized business that meets the exemption criteria can operate without a mandatory audit, while larger companies are required to have audited financial statements.

In practice, audit requirements are flexible and based on the scale of the business.