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( in the question it is mentioned that the audit is required this year and they were exempt before beacuse of the small size . When I read the audit is required I though the company become listed ! But in the answer one of the points mentioned that the audit firm can prepare the accounts and perform the audit as it not listed !! I am not sure how to know from the question whether the company is listed or not speacially if it is not mentioned ! )
You should be aware from a combination of earlier studies AB/F1, LW/F4, AA/F8 and SBR/P2 that audit exemption is a regime that applies in some jurisdictions to “small and/or medium sized” entities (or similar) that meet specified criteria. A listed company cannot be exempt from audit (it would not meet the criteria) but that does not mean that a non-listed company is exempt.
From the start up of a company it will go through various stages – e.g:
Micro (not audited), Small (not audited), Medium (not audited), Large (audited) …. maybe, eventually Listed (still audited).
Think about it – there are IFRS Standards that apply ONLY to listed companies – IAS 33, IAS 34 and IFRS 8. So the vast majority relate to unlisted companies too – and they will need an auditor to report on their financial statements.
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