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24/08/2001
Increased audit threshold to prove good news for SMEs
Small and medium sized enterprises (SMEs) with a turnover of up to £4.8 million, could soon benefit from a Department of Trade and Industry (DTI) recommendation to raise the threshold for statutory auditing, according to the Association of Accounting Technicians (AAT).
The recommendation, outlined in the DTI’s final report on the Modern Company Law Review, will allow businesses increased flexibility in their process of financial reporting and free to enlist the services of a professional Accounting Technician in preference to more costly alternatives.
John Vincent of the Association of Accounting Technicians (AAT) said: “This report represents a serious attempt to simplify the statutory requirements for small private companies and alleviate the burden of bureaucracy.
“However, this will place increased pressure on the Directors of these companies to act efficiently if the deadline for filing accounts at Companies House is also reduced from ten to seven months. Directors of those companies will need to be satisfied that the accounts which are filed at Companies House fully comply with the disclosure requirements of the Companies Act and Financial Reporting Standards.”
The Report also recommends that, subject to successful field trials, an Independent Professional Review (IPR) be introduced for companies with a turnover of between £1 million and £4.8 million. This review could replace the audit as a mechanism for satisfying stakeholders of financial probity. (MB)
The recommendation, outlined in the DTI’s final report on the Modern Company Law Review, will allow businesses increased flexibility in their process of financial reporting and free to enlist the services of a professional Accounting Technician in preference to more costly alternatives.
John Vincent of the Association of Accounting Technicians (AAT) said: “This report represents a serious attempt to simplify the statutory requirements for small private companies and alleviate the burden of bureaucracy.
“However, this will place increased pressure on the Directors of these companies to act efficiently if the deadline for filing accounts at Companies House is also reduced from ten to seven months. Directors of those companies will need to be satisfied that the accounts which are filed at Companies House fully comply with the disclosure requirements of the Companies Act and Financial Reporting Standards.”
The Report also recommends that, subject to successful field trials, an Independent Professional Review (IPR) be introduced for companies with a turnover of between £1 million and £4.8 million. This review could replace the audit as a mechanism for satisfying stakeholders of financial probity. (MB)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
