Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether he plans to change the threshold of full audit requirements for smaller businesses.

The qualifying criteria that determine company size for the purposes of accounting and audit have not changed in over a decade. It is right that these thresholds are reviewed periodically so they are set at appropriate levels.

Company size thresholds are being considered as part of the Government's broader non-financial reporting review, intended to ensure that more companies are able to benefit from simpler reporting and accounting frameworks, as well as take advantage of the small company exemption from statutory audit.