Company law now provides that many private companies are exempt from audit.
If a company's Articles, however, still stipulate that an audit is required, they do take precedence over the Act. They will need to be changed formally if a company wants to avoid having its accounts audited.
Here is a link to an article about audit exemption, which also sets out which types of company are not entitled to audit exemption.
If you are interested in talking to us about getting your accounts audited please email Chris Krol, our principal audit director.