PracticeAuditSME bossses ingnorant of accounting

SME bossses ingnorant of accounting

FRC-funded study shows wide ignorance of new audit threshold among managing directors of small businesses

A quarter of managing directors at some of the countries smaller companies
still have no idea whether they are exempt from the need to file audited
accounts at Companies House, a new study has shown.

The research undertaken by the Open University in September also found that
one in five SMEs have experienced significant problems in relation to accounting
and auditing.

The survey was commissioned by the Professional Oversight Board of
Accountancy as part of a wider review of the accounting and auditing needs
smaller companies.

Of the 601 companies that took part, almost two-thirds have no internal
accountancy staff, while one in 10 MDs admitted to not knowing what type of
account their company files.

POBA is expected to publish more comprehensive findings, including the
results of other studies and research, in the New Year.

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