Accounting or auditing firms provide a range of services to their clients. Some UK companies will be required by lenders or customers to have their books audited by an independent third party. Many accountants will perform audits for their clients. Most UK startups do not hire an auditor before the earlier of (i) a significant amount of capital having been raised from outsiders or (ii) the company is no longer able to rely upon an exemption to audit, such as the small companies exemption (which many startups are able to rely upon). Once a company is no longer able to rely upon an exemption from audit, it must appoint an auditor.
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