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Audit exemptions: regulations

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The Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations, SI 2012/2301, widen exemptions from audit for small companies and LLPs and create new exemptions from the audit, preparation and filing of accounts of subsidiary companies and LLPs. The government estimates that 36,000 additional small companies and 83,000 UK subsidiaries will now qualify for audit exemptions.

The regulations also give companies and LLPs greater flexibility to change their accounting framework.