Special Audit Exemption for Dormant Companies (New)

Audit Exemptions

There is only one section under this rubric, Section 365, and it is new. It enacts the view that companies which are in a group, but classified as dormant, should be able to qualify for an audit exemption.

A dormant company is one which has no significant accounting transactions in the relevant year and one whose assets and liabilities comprise only permitted assets and liabilities.