John Selwood's Q&A
The complexities of subsidiary and small company audit exemption and the challenges of accounting estimates require careful consideration, as this month’s questions demonstrate.
A I am well aware of the potential for confusion now that there is the new subsidiary audit exemption as well as the pre-existing small company audit exemption. It is not uncommon for delegates on my courses to mix up the rules but I had hoped that I would not confuse things further. My Q&As in May concentrated upon subsidiary company audit exemption and I had not intended to imply that.................
This is an extract from an article in the July/August 2013 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.
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