Audit Exemption Flashcards
1
Q
What criteria for small company exemption?
A
Balance sheet total not more than 5.1m
Revenue not more 10.2m
No more than 50 employees
2/3 of these need to be met
2
Q
What is the two year rule?
A
Exempt if : met conditions for current and preceding year or first accounting year
Only cease to be small if not met for two consecutive years
3
Q
Companies never exempt?
A
Public company PLC unless dormant Banking E money Insurance MiFID investment first Shares traded in regulated market in EU Public sector entity
4
Q
Small charity in England audit required if?
A
Income over 1m
OR
Gross assets over 3.26 AND income over 250000
OR required by trustee
5
Q
Small charity in Scotland audit required where?
A
Gross income 500000 or more OR Gross assets over 3.26m OR Required by preference
6
Q
When is an independent examination required?
A
Audit not received unless gross income below 25000 England
Audit not received Scotland
7
Q
How much can veto exemption?
A
10% shares
As long as one month before FY
