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Audit Exemption in the Isle of Man 16 June 2006

Following a period of public consultation Tynwald has approved changes to the audit exemption thresholds that apply in the Isle of Man. The amendments came into operation on 17 May 2006 and allow a company to be audit exempt providing the company is able to meet two of the following three criteria:

1. its annual turnover is £5.6 million or less;

2. its balance sheet total is £2.8 million or less, and;

3. it employs no more than 50 persons.

A copy of the Statutory Document SD287/06 can be downloaded here

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