Fortunately democracy permits differing points of view and can only command to Mr Malthouse that he stops peering into the past – it’s time to move on. If we as a profession don’t make up our minds where audit matters the Department of Trade and Industry will decide for us.
Audit is there to protect the public interest. However small owner managed limited companies are accorded the lowest risk category in the Joint Monitoring Unit’s tables.
So the DTI, through exemption, and the JMU in its own way concur, as is underpinned by members’ research, that little benefit is lost or risk attached by removing audit from this area of business.
The Small Practitioners Association recently met the head of the JMU, and discussed mutual concerns so advice can be given to members how best they maintain audit work to meet unyielding compliance standards.
As independent qualified professionals our standards of work are the same towards all our clients whether regulated or incorporated or not.
SPA will continue to face the issues and seek to improve our working environment.
Peter Mitchell, chairman, Small Practitioners Association.
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