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

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.

4. 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.

Important Information.

1.         Word count: Maximum word count 2000 words

2.         Pass mark and weighting of the assignment: To pass the assignment you need a mark of at least 40%. The assignment carries a 40 % weighting towards your final mark for the module. To pass the module you must achieve a mark of at least 35% in both assessments.

3.         Hand in date: All assignments must be submitted on turnitin by the due date. Any late submissions will be subject to the penalties laid out below. Work handed in up to 7 days late will be awarded a maximum of 40 %. Work handed in after that will be given zero.

4.         Student support: At the end of each seminar, there will be 10 minutes to discuss any problems or ambiguities in the assignment with the group.

5.         Feedback: Each assignment will include written feedback. In addition there will be feedback session in class.

6.         Plagiarism: The software checks assignments against other assignments as well as articles and internet sources so your assignment must not be too similar to other students’ assignments as well as not being too closely extracted from articles and on-line sources.