Hints by Gordon Brown this afternoon that the audit threshold could be raised to exempt thousands of companies from the costly audit procedure are unlikely to result in immediate change, according to a leading SME adviser.
Link: Pre-Budget special report
In his pre-Budget statement Brown told the Commons that consultation will begin next year on lifting the level at which companies are subject to mandatory audits.
But sources close to the Department of Trade and Industry told Accountancy Age this afternoon that a rise to the European maximum of £4.8m would probably not happen in the short-term.
‘It won’t be so much consultation as research,’ said one source. ‘It’s unlikely that we?d see anything in the short-term.’
In July competition minister Melanie Johnson said it would be better to assess the impact of raising the audit threshold from £350,000 to £1m before making a final decision to raise it to the European maximum.
However by the end of last month this research is still not thought to have begun.
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