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Q&A: Assurance alternatives to statutory audit

Attendees at the faculty’s spring roadshow, Increasing audit exemption limits – opportunities and threats, raised some interesting questions on assurance alternatives to statutory audit.

Q: When are the audit exemption limits going to increase?

A: This is the question that many of you were asking during the roadshow. Then, my best guess was later in 2014, but I am starting to wonder whether the change might occur even later. The Department for Business, Innovation & Skills (BIS), has yet to formally announce its plans to increase small company and audit exemption limits. However, it is likely to make an announcement later this year that will become effective in late 2014 or early 2015. It is expected that the turnover threshold will increase beyond £10m and this will be applied for both small company accounting and small company audit exemptions.

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This anticipated move is why the faculty focused on this in the spring roadshow, to help auditors prepare for the change and to communicate what ICAEW is doing more generally...

This is an extract from an article in the September 2014 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.

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