Majority of businesses support simpler financial reporting
Reducing the burden of financial reporting would not diminish its value, businesses tell Baker Tilly
Reducing the burden of financial reporting would not diminish its value, businesses tell Baker Tilly
REMOVING CLUTTER from financial reporting would have no negative impact on its value, according to more than three-quarters (78%) of UK businesses.
A Baker Tilly survey of 291 enterprises showed most are concerned with reducing the reporting burden all round, with almost 60% not in favour of auditors providing additional commentary on accounts.
Among audited companies, 34% favoured removing the requirement, while 38% said the main benefit of audit was support for good governance.
The survey reflects proposed audit legislation changes in Europe, but Baker Tilly head of audit Jane Bleach noted businesses are far more interested in financial reporting.
“Our survey results [show] businesses are aware that an effective audit helps, rather than hinders, the management of a company… We want to ensure that any legislation is not damaging to our clients and UK businesses generally and that is why we have written to Vince Cable’s office with the results of our survey,” she continued.
An overarching concern for the bottom line is apparent, with companies calling for proportionate legislation and warning the benefits of any changes must not be outweighed by cost.
Baker Tilly’s respondents were mainly finance chiefs of UK private companies (76%), of which 77% are required to have an audit under current legislation.
More about:
The numbers you crunch tell a story. Your expertis...
12yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleAlleviating tax red tape, and stronger investment incentives, are key requests for the chancellor Philip Hammond to consider from the ACCA Read More...
View articleBig Four firm called in as Balfour Beatty's UK construction services division sees margins eroded Read More...
View articleReviews involving auditors, external assurance and internal audit, outline extent of financial and control issues at RSA's Irish division Read More...
View articleReporting watchdog confirms it is scrutinising the Co-Op Bank's financial reporting Read More...
View articleFRC investigation into company reporting finds evidence of straightforward non-compliance in smaller companies Read More...
View articleKPMG has called for greater assurance in narrative reporting following changes to Companies Act, introduced on 1 October Read More...
View articleInstitute claims auditors will need to assure all of the annual report if that is what investors want Read More...
View articleMoving Lo-Q's year end to 31 December will provide a greater balance between the two halves of the company's financial year Read More...
View article