PracticeAuditMinister reveals extra cost of OFR

Minister reveals extra cost of OFR

OFR would have cost £33m more than Business Review

The Operating and Financial Review process scrapped by Chancellor Gordon

Brown would have cost business £33 million more than the Business Review,
Trade Minister Alun Michael revealed in the Commons.

He told Tory shadow trade and industry secretary Alan Duncan most of the

additional costs ‘related to the different audit requirements applying to
the OFR compared with the Business Review’.

Michael said preparatory work for the OFR ‘will still be useful’ for the

Business Review on which a consultation has just closed.

He said the government intended to announce its conclusions in time to insert

amendments in the Company Law Reform Bill.

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