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UK accounting and audit frameworks from 1 January 2021

BEIS and the FRC have issued letters to audit firms and companies setting out changes to the UK’s corporate reporting framework from 1 January 2021 (i.e. after the Brexit transit period has ended). One of the key issues mentioned is that the subsidiaries audit exemption (under section 479A of Companies Act) will no longer be available for subsidiaries of EEA parents. 

The letter for the accounting sector can be accessed here

The letter for the Audit sector can be accessed here

We will discuss these in more detail in our Quarter 1 2021 meeting.