I continue to be disgusted by those amongst my fellow members of the auditing profession who have not told their clients that their company no longer has to be audited. It was the new Companies Act of 2008 (which actually only came into law in 2011) that changed things. If your company is owner managed and not doing hundreds of millions of turnover a year, then no audit is necessary. You don’t even have to prepare fancy financial statements. Owner managed simply means that the directors are the shareholders and (in the opinion of most professionals) still applies if a…
Read More