Changes to audit exemption brought forward
The Department of Trade and Industry has decided to bring forward the date for raising the audit exemption threshold.
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.