Accountancy Profession hiding its light under a bushel?
I was interested to read the Review update dated December from the Professional Oversight Board (an operating body of the FRC). The report ( a Review of how accountants support the needs of small and medium sized companies and their stakeholders)suggests that many company directors of small businesses and users of unaudited reports don’t fully understand the role of the accountancy profession in the preparation of accounts. As a result, the POB’s research seems to indicate that many users of unaudited accounts filed at Companies House would hold them in higher esteem if the role of accountants in preparing them was better explained. However, not everyone in the profession agrees on the benefits that may accrue if the accountant’s role in unaudited accounts was more transparent. Accountants could be accused of hiding their light under a bushel if , through over caution, thay appear to distance themselves from the work they undertake on behalf of smaller firms to provide competent professional services to their clients.