Small LLPs and micro-entity LLPs—audit exemption
Small LLPs and micro-entity LLPs—audit exemption

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Small LLPs and micro-entity LLPs—audit exemption
  • Brexit impact
  • Small LLP exemption from the requirement to audit accounts
  • Audit exemption for micro-entities

If an LLP prepares annual accounts for a financial year, they must be audited, unless the company is exempt from audit.

Brexit impact

The UK audit regime may be affected by Brexit. For further details of its impact, see Brexit—statutory audit.

Small LLP exemption from the requirement to audit accounts

If an LLP satisfies certain conditions, it may benefit from an exemption from the requirement to audit individual accounts for a financial year available to small LLPs (small LLPs audit exemption).

The relevant conditions are that:

  1. it qualifies as a small company in relation to that financial year (for details of how an LLP qualifies as small, see Practice Note: The small LLPs regime)

  2. its balance sheet must contain a statement by t