Changes to audit exemption brought forward

New rules increasing the audit exemption limit from its current level of £350,000 to £1m, will now take effect from 26 July 2000.

Rules governing dormant companies’ audit exemption will be changed on the same day.

The government estimates the increase to £1m will allow an extra 150,000 companies to take advantage of exemption producing annual savings for business of about £180m.

£1m audit threshold set – £4.8m threshold to follow

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