Watchdog puts SMEs under microscope

Watchdog puts SMEs under microscope

Financial Reporting Council researching whether smaller companies' accounting needs are being met

Accounting’s watchdog is launching a study into how well the accounting
profession supports small and medium sized companies and users of their
accounts.

The Professional Oversight Board for Accountancy, part of the Financial
Reporting Council, is looking for accountants who provide services to companies
with annual turnover under £22.5m to participate in an online survey during
July.

It will be looking to examine the effects of recent regulatory changes on
these companies, such as the rise in the audit threshold and new reporting and
auditing standards.

Paul George, director of POBA said the research programme was ‘wide ranging’.

‘Once the current situation is clear and any issues are identified we will
consider with the professional accountancy bodies and others whether the support
provided by the profession could be more effective in any way,’ said George.

The results of the research will be published at the end of the year.

The survey, which runs from Wednesday 6th July to Friday 29th July,
is being coordinated by the University of Nottingham. Those wishing to
participate should go to:
www.ukbab.ac

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