A company must appoint an accountancy firm to audit their accounts if it has an annual turnover greater than £1,000,000. Companies with a turnover of under £1,000,000 a year can claim exemption from audit but must include a report by a qualified accountant. Companies with a turnover of under £90,000 may dispense with an audit completely. If exemption from audit is claimed the accounts must include a note stating the basis for claiming exemption.