Research the history of audit exemption in the European Union and discuss the changes in audit exemption thresholds in the United Kingdom.

AY2014-2015
Auditing in Context
AC50004E
Learning outcomes 2,3,4 & 6 (as specified in the module study guide) are
assessed in this assignment.
Not all companies in the European Union require an audit. The flow chart depicted in the
Institute of Chartered Accountants helpsheet outlines how we can determine if a company
requires an audit in the United Kingdom. For this assessment you are required to:
1. Research the history of audit exemption in the European Union and discuss the
changes in audit exemption thresholds in the United Kingdom.
20 marks
Proposed maximum word count 600 words.

2. Present your arguments both for and against audit exemption for small companies
   40 marks
   Proposed maximum word count 800 words.
   3. Discuss if the audit exemption threshold should continue to increase.
   20 marks
   Proposed maximum word count 600 words.
   Presentation and Referencing 20 marks
   Maximum word count 2000 words
   Total marks 100
   Instructions
   1. Please write each question before answering it.
   2. Each question should start on a new page.3. Include all your references at the end of the assignment.
   4. There is no requirement for an introduction or contents page.
   5. Use Harvard (author-date) style referencing.
   6. References and questions’ word count is excluded from total 2000 word count.Marking Scheme Auditing in Context Assignment
   1. Research the history of audit exemption in the European Union and discuss the
   changes in audit exemption thresholds in the United Kingdom.
   In this question we expect you to give an overview of the audit exemption since its
   introduction in the European Union in general and United Kingdom in particular. Please
   include in your discussion your views about the changes in the audit requirements.
   2. Present your arguments both for and against audit exemption for small companies
   We expect you to include four arguments in favour of audit exemption and four arguments
   against audit exemption with a brief discussion of your arguments.
   3. Discuss if the audit exemption threshold should continue to increase.
   You should focus on the argument that audit exemption should remain at it’s current level
   or it should be reviewed periodically.
   20 marks are allocated for presentation and referencing. Please make sure that your work
   is clearly presented without any grammatical misstates and it has been spell checked.
   Harvard referencing should be followed throughout your assignment.

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