Determining audit thresholds
Can anyone clear up the following for me?
A limited company that has been trading for a number of years is now also a corporate member of a limited liability partnership. There are also non corporate members but for this purpose the profits earned in the LLP will be transferred back to the limited company for distribution.
My question therefore, does the LLP turnover form part of the audit threshold calculation or is it disregarded as it isn’t included as turnover but as other operating income?