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.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

6d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

2w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter