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 Accounting News & Insights

New audit exemption options for small companies and subsidiaries

7th December 2012

The government has recently announced changes to company law that allow many companies and limited liability partnerships more choice in deciding whether to have a statutory audit.  The changes apply to financial years’ ending on or after 1 October 2012. 

 Who is affected?

  • Companies and groups that previously qualified as ‘small’ (turnover less than or equal to £6.5m; B/S total assets less than or equal to £3.26m or employees less than or equal to 50) under company law but were not exempt from audit because of their turnover or balance sheet total; and...

 

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Accounting News & Insights

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New audit exemption options for small companies and subsidiaries

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