Second year rule?
Never heard of this?
An audit is an audit based on the current year limits and has no baring on previous years.
Balance sheet total
Is gross assets, i.e. fixed assets plus current assets.
Change of year end
As the regulations refer to accounting periods ending on or after 1 October 2012, presumably a company could change their year end from say 30 September to 31 October to avoid the requirement for an audit this year?
My answers
Second year rule?
Never heard of this?
An audit is an audit based on the current year limits and has no baring on previous years.
Balance sheet total
Is gross assets, i.e. fixed assets plus current assets.
Change of year end
As the regulations refer to accounting periods ending on or after 1 October 2012, presumably a company could change their year end from say 30 September to 31 October to avoid the requirement for an audit this year?