Guidance Note: Accounts & Audit

This guidance note is a simple, user friendly and practical ‘how to’ guide for finance directors and company secretaries in relation to the accounting and audit requirements for private companies under the Companies Act.

The Companies Act 2006 requires that all companies must prepare and file annual accounts, therefore this guidance note covers the following:

• preparation of the annual accounts;
• accounts for micro entities and small companies and specifically the changes to be introduced under the Economic Crime & Corporate Transparency Act 2023;
• dormant companies;
• audit and audit exemptions; and
• the appointment, removal and retirement of an auditor.

This guidance note dovetails with our other relevant template documents, including board minutes, shareholder resolutions and consents and the Companies House forms for use when preparing the accounts and managing the audit or audit exemption process.

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