4.2 - Audit Exemption in the UK Flashcards
1
Q
Who is not required to have an audit in the UK?
A
Small companies
2
Q
What tells us whether a company is small enough?
A
Companies Act 2006 requirements
3
Q
How many of the criteria must a company meet?
A
Two of the three, for both this financial year and last year financial year
4
Q
What is the first criteria?
A
Turnover is not more than £10.2 million
5
Q
What is the second criteria?
A
Total assets are not more than £5.1 million
6
Q
What is the third criteria?
A
Number of employees - 50 or fewer on average
7
Q
When is the criteria for?
A
Periods beginning on or after 1 January 2016
