New exemption from audit for subsidiaries
A company we act for is a subsidiary of a Swedish parent company, and has previously therefore been required to be audited, although on its own it would not need an audit.
The new legislation that would potentially exempt the subsidiary from audit requires the company to be included in the consolidated accounts drawn up by the parent, in accordance with either international accounting standards, or the provisions of the Seventh Directive.
The parent does not use IFRS, but applies Swedish GAAP. I believe this would fall within the provisions of the Seventh Directive, but could anyone confirm or advise otherwise?
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