What are the current UK audit exemption thresholds?

Answer
The audit exemption thresholds in the UK were increased in 2004 (SI 2004, No 16, Companies Act 1985) and allow CIMA members to prepare accounts for audit for small enterprises. They can sign off accounts for sole traders, partnerships and limited companies up to GBP5.6m annual turnover, as long as it has opted out of having its accounts audited, and charities up to GBP90,000 annual turnover.

Special regulations apply to Reporting Accountants in the context of Solicitors’ Accounts; CIMA members are not allowed to undertake this work.

Please visit the Members and audit page for more information.