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EU Plans to Absolve Smaller Firms From Audit Duty, FTD Reports

Aug. 2 (Bloomberg) -- The European Union may absolve companies with assets of less than 20 million euros ($24.5 million) of the obligation to have their annual reports audited, Financial Times Deutschland reported, citing changes to a proposal introduced by EU parliamentarian Klaus-Heiner Lehne.

The proposal, which the parliament’s Legal Affairs Committee is set to vote on next month, would affect 250,000 companies across the region and may harm auditors which specialize in smaller firms, the newspaper said.

To contact the reporter on this story: Cornelius Rahn in Frankfurt at crahn2@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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