If my company qualifies for audit exemption, can I still choose to have an audit?

Audit exemption is something the company elects, not something imposed on it. SSM's FAQ says plainly that a company can always appoint an auditor if there is a need.

Common reasons to keep auditing

• Banks and financiers often ask for audited accounts when granting or renewing facilities.
• Investors or shareholders want independent assurance, especially if some are not involved in daily management.
• Tenders, licences and contracts may specify audited accounts. These conditions come from the counterparty, not from the Companies Act.
• Group or parent reporting abroad may need an audit.
• Control and credibility. An outside check on records can expose errors early.

How it works if you choose audit

• Appoint the auditor in the usual way (board for the first year, members by ordinary resolution afterwards).
• The accounts are then lodged as audited statements.

Mixing years. A company can be exempt one year and audited another, provided it appoints an auditor in time for the audit year. A new auditor must usually examine opening balances left unaudited from the previous year, which can add work.

Check before you drop the audit. Ask your bank and key customers whether they require audited accounts, because exemption under company law does not change those contracts.