The independent professional review: a waste of time, or the way forward? Stella Fearnley, reader in accounting at Portsmouth Business School, and Danielle Stewart, founding partner of Warrener Stewart, weigh up the pros and cons.
Fearnley on the one hand argues that it is time to end the ‘long-running costly pantomime’ about the IPR and that ‘it would be surprisingly imprudent for the DTI to raise [the audit threshold] again in an information vacuum, and at a time of economic instability’.
While Stewart recognises that it is ‘a particularly inopportune moment to raise the audit exemption threshold?, she maintains that ‘the IPR is better than the audit for small companies, because it is cheaper, yet almost as effective’.
‘Let’s stop being resistant,’ urges Stewart.
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