Understanding Audit Exemptions: Does Your Business Qualify?

Mmba Accountants12 Sep, 2024Business

Running a small business can feel like you?re juggling a dozen things at once. One of those is figuring out if your business needs an audit, and that?s where audit exemptions come in. What Is a Small Business Audit Exemption? Defining Small Business Audit Exemption So, what exactly is a small business audit exemption? In simple terms, it?s a way for small businesses to avoid the time and cost of a formal audit. Not every business is required to go through an audit. If your business meets specific criteria, you might be exempt.