Threshold rise on the cards for March.

Changes to the audit threshold could be implemented as early as next March, the DTI said this week. With consultation now closed on whether the statutory threshold should rise from its current £350,000 level, officials said this week that ministers hope to announce their decision in the New Year. The DTI has received more than 100 responses to its consultation paper. Ministers have been widely expected to set a new level of £1m. However, that could rise after the British Chambers of Commerce, CIMA, the English ICA and the Small Practitioners Association backed a new level of £4.2m. The SPA said this level would save small companies £100m a year. The institute’s audit faculty and the Scots ICA backed a £1m threshold. ACCA said exemption criteria should be widened beyond just turnover.

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