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SMALL COMPANIES |
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EXEMPTION FROM AUDIT — A CLARIFICATION |
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¶6070 |
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Because of an editing error, the following clarification is required to the text in ¶6070 of the book: Small companies can elect not to have their accounts audited if they meet the first two of the following three conditions: » annual turnover does not exceed £5.6 million (for periods beginning on/after 6 April 2008 — £6.5 million) » balance sheet total does not exceed £2.8 million (for periods beginning on/after 6 April 2008 — £3.26 million) » no more than 50 employees (on average). Note that to be considered “small” the company will have met any two of the above conditions, but the audit exemption applies to such companies only if the first two conditions are satisfied.
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