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Title: Recent developments in the audit for small and medium sized enterprises and the implications on the Maltese regulatory framework
Authors: Trevisan, Geoffrey
Keywords: Small business -- Malta
Auditing -- Malta
Corporations -- Auditing -- Law and legislation -- Malta
Issue Date: 2009
Abstract: The Maltese Companies Act contains provisions exempting private companies, falling under certain thresholds found in article 185, from a statutory audit. This exemption cannot be effectively availed of owing to the requirement by the Inland Revenue Department for audited accounts. Thresholds are found in other countries but recently these countries are assessing the possibilities of either raising the threshold limits and/or replacing the audit requirement with an alternative such as a review engagement or a compilation of accounts, amongst other measures. This study attempted to ascertain major relevant positions and insights with respect to the removal of the SME audit requirements from selected countries as well as taking into account the developments in Malta and its accountancy profession. The study then proposed a possible course of action for Maltese companies in terms of thresholds and assurance service requirements. The objective of this study was achieved through an extensive literature review further supported by telephone interviews with representatives of various foreign institutes of accountants. The study revealed that in most of the countries analysed, audit exemption thresholds were being raised whereas no alternative to the audit was being made mandatory. Some of the countries proposed alternative services for audit exempt companies mainly based on the Review and the Compilation reports. The study concludes with a recommendation for a possible course of action based on exemption thresholds and audit alternatives, in order to apply audit exemptions in Malta.
Description: B.ACCTY.(HONS)
Appears in Collections:Dissertations - FacEma - 2009
Dissertations - FacEMAAcc - 2009

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