Are independent examinations just for small charities / CICs?

[John Paulson]

Or can they be used for startups or small for-profit businesses too?

My understanding is that you are only subjected to a full statutory audit if your assets and income exceed a certain threshold.

So for startups or small for-profit businesses, what are their options outside a full external audit?

 

[Scalloway]

There is no requirement for independent examination of small businesses. The sole trader/partnership/company director is entitled to prepare the accounts and submit them with no external scrutiny. Shareholders in a limited company can demand an audit but this will be expensive.

 

[Newchodge]

Or can they be used for startups or small for-profit businesses too?

My understanding is that you are only subjected to a full statutory audit if your assets and income exceed a certain threshold.

So for startups or small for-profit businesses, what are their options outside a full external audit?

The option is no audit.

 

[eteb3]

Independent exam is not required for CICs afaik - in almost all respects they are plain vanilla companies; only distributions are significantly different.

There’s nothing to stop you commissioning an independent exam if for some reason that suits a non-charity company’s needs. You may want to consider that last time Charity Commission did a QA on a sample of exams they found them to be very variable quality, often useless. So choose your examiner carefully.