According to the International Auditing and Assurance Standards Board (IAASB) “Worldwide, small- and medium-sized entities account for more than 90% of businesses and more than 50% of employment”
Due to company law changes brought about by Brexit, it is worth noting that a previous audit exemption that was available to the UK subsidiary of an EEA parent company is no longer available for accounting periods commencing on 1 January 2021.