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New “Small Company” Concept for Audit Exemption – Practical Application for Groups (Part 2)

In IS Chartered Accountant, April 2015, we illustrated the application of the new “small company” concept for companies which are not part of a group of companies. This article illustrates the applicability of the “small company” audit exemptions in the context of group companies. 

In the current business and economic environment, it is a common phenomenon that companies explore overseas markets as they grow in size and as a result, group audits have become increasingly prevalent. To be exempted from audit requirements under the new amendments in the Companies (Amendments) Act 2014, a parent company or a subsidiary company must be a “small company” and part of a “small group”. 


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