PracticeAuditAudit threshold probe finally underway

Audit threshold probe finally underway

After repeatedly being delayed, the Department of Trade & Industry has finally begun its a 'programme of research' to assess the impact of the £1m audit threshold for small companies, which has been in place since July 2000.

Link: PBR in depth: Audit threshold unlikely to rise

Companies, who have turnover less than £1m are not subject to an independent financial audit – prior to this the limit was set at £350,000.

The DTI will seek to find out what the costs and benefits of this increase have been and is particularly keen in obtaining ‘statistical information’.

The information will be used to inform on further consultation proposed for summer 2003, which will decide whether the threshold should be raised or be maintained at its current level.

Sources at the DTI told Accountancy Age earlier this month that the audit threshold was unlikely to rise to the European level of £4.8m in the short term.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

2d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor