A statutory audit of the annual accounts of all UK Companies which are larger than a stipulated size is required by British Law.
Furthermore, although not required to do so by law, many companies carry out regular audits to help them glean vital information about their business. Some pension schemes and charities also require audits as do certain professional organizations such as The Law Society. Solicitors who belong to The Law Society and hold client’s funds are obliged to present their client accounting to a yearly audit.
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