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Following the 2013 Accounting Directive, small European Union (EU) companies are no longer required to have a statutory audit. However, the EU legislation allows Member States to impose an audit on their small companies based on their specific circumstances.
Accountancy Europe´s survey results show that four EU countries have lowered their audit exemption thresholds while two countries have increased them between mid-2016 and early 2019. Overall, there was no clear upward/downward trend in the development of the thresholds in this period. Accountancy Europe also found diverging national policies and views on auditing smaller entities.