Tories to push for audit cap solution
Renewed pressure has been put on the government to introduce some form of liability cover for auditors by the shadow economic affairs minister, Andrew Mitchell.
Renewed pressure has been put on the government to introduce some form of liability cover for auditors by the shadow economic affairs minister, Andrew Mitchell.
Link: Liability cap special report
Mitchell will respond to last week’s Department of Trade’s rejection of the pleas of the accountancy profession by tabling eight amendments to the companies bill tomorrow.
‘Basically, I’ve come up with every conceivable way I can think of capping liability,’ Mitchell told the Times. ‘I’m going to say to the minister in the debate tomorrow, we know that you recognise this is a problem. This is not about auditors; it’s about the good and proper governance of the UK corporate system. Here are all the different ways you can do it.’
Accountancy Age understands from sources close to secretary of state for trade, Patricia Hewitt, that the government is keen to push some form of compromise measure into the companies bill as early as October. She has asked the business and audit worlds and other interested parties to ‘work together’ to determine whether a system of proportionate liability via contract would work.
The numbers you crunch tell a story. Your expertis...
20yEmbracing 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 articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View article