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BackOfficeGroup


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Audit Threshold
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Hi guys

So there was me thinking the audit threshold was £6.8m, only to be told by some accountants its £6.5m.

Who is right?

P



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ADAS


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I allways thought is was £6.5m from April 08



Confirmed here:


5.(1) In section 477(2) of the 2006 Act (conditions to be met by company to be exempt from audit)

(a)in paragraph (b) (turnover), for not more than £5.6 million substitute not more than £6.5 million, and.
(b)in paragraph (c) (balance sheet total), for not more than £2.8 million substitute not more than £3.26 million..


(2) In section 479(2) of the 2006 Act (conditions to be met by group for group company to be exempt from audit)

(a)in paragraph (b) (aggregate turnover), for not more than £5.6 million net (or £6.72 million gross) substitute not more than £6.5 million net (or £7.8 million gross), and.
(b)in paragraph (c) (aggregate balance sheet total), for not more than £2.8 million net (or £3.36 million gross) substitute not more than £3.26 million net (or £3.9 million gross)..




-- Edited by ADAS on Wednesday 10th of November 2010 03:57:07 PM

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Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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BackOfficeGroup


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Not entirely sure where I got 6.8 from as I cannot find any mention anywhere!!

Must have dreamt it....how sad!

P

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ADAS


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Maybe you were thinking of the old £2.8 balance sheet value P?

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Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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BackOfficeGroup


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it's been a long day, lol

P

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