This document supersedes the previous impact assessment published with the government response to the consultation on audit exemptions for small companies.
It covers changes made in 2012 to:
- align audit exemptions with accounting exemptions for small companies
- exempt subsidiaries from mandatory audit where their debts are guaranteed by a parent company in the EU
- exempt dormant subsidiaries with parent company guarantees from preparation and filing and / or filing of accounts
This final impact assessment was approved by the Regulatory Policy Committee in May 2014.