MODULE 8

Question 1

Which Companies are exempt from the need to have an audit?

Answer 1

Small Companies, Small charitable companies, and Dormant Companies (Companies where there no were no significant accounting transactions during the period)

Question 2

What classifies a company to be a small company?

Answer 2

If they meet two of the following things:
No More than 50 Employees
Turnover (Revenue) no more than £10.2m
No more than 50 employees

Question 3

Who can be an Auditor?

Answer 3

1. You must be qualified, with one of the 5 Recognised Qualifying Boards (RQB) - To be fully qualified, you must pass exams and have minimum 3 yrs practical training at an authorised training firm
2. Be properly Supervised, you must be supervised with one of the four RSBs
3. You must be registered, to be registered:
   Must hold a passing certificate
   Hold a statutory Audit Status
   Be part of an Audit Firm