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

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

  • Small LLPs and micro-entity LLPs—audit exemption
  • Small LLP exemption from the requirement to audit accounts
  • Excluded LLPs
  • Excluded group LLPs
  • 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.

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 the members (above the signature required by CA 2006, s 414) that it is exempt from audit under CA 2006, s 477

  3. its balance sheet must contain a statement by the members (above the signature required by CA 2006, s 414) that they acknowledge their responsibilities for

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