Even without changing thresholds and exclusion criteria, working out whether a company needs an audit can be confusing. This year there are new audit thresholds and an amended definition of an ineligible group to contend with. The time is ripe to review the audit exemption criteria for small companies and get to grips with how the requirements apply in practice.

There are three questions to be answered in determining a company's eligibility for the small company audit exemption: