PARLIAMENTARY WRITTEN QUESTION
Small Businesses: Audit (4 October 2024)

The qualifying criteria that determine company size for the purposes of accounting and audit have not changed in over a decade. It is right that these thresholds are reviewed periodically so they are set at appropriate levels.

Company size thresholds are being considered as part of the Government's broader non-financial reporting review, intended to ensure that more companies are able to benefit from simpler reporting and accounting frameworks, as well as take advantage of the small company exemption from statutory audit.