Abstract:Criteria for audit exemption for small firms has varied greatly from country to country. Turnoverbased criteria are now being combined with other parameters such as balance sheet total and number of employees in countries where mandatory audits are the norm. While some progress towards harmonization of such criteria has taken place in the EU, debate on this issue is still not widespread. At the same time, voluntary audits are also gaining ground and there has been sufficient debate in literature on the costs a… Show more
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