Credit ratings under threat from unaudited accounts

Credit ratings under threat from unaudited accounts

Under changes introduced by the Government in January, companies can now legally opt out of auditing their accounts if they fall below the £10.2 million statutory threshold, but they may risk their credit ratings by doing so. Ratings agency Graydons recently told Accountancy Age that firms which opt out are lacking an important form of verification used by ratings agencies. In turn this could affect Read more…

Audit exemption for small companies

Audit exemption for small companies

The Government has considered responses to questions posed on the audit exemption threshold in its discussion paper on the implementation of the Audit Directive (2014/56/EU) and the Audit Regulation (Regulation 537/2014) and raised the audit exemption threshold. This means that companies with a turnover up to £10.2 million, a balance sheet total of up to £5.1 million and up to 50 employees are exempt from Read more…