The association believes that all external shareholders deserve the right to demand audited accounts, in return for allowing directors to enjoy limited liability status.
‘We believe strongly that the government is making a big mistake by proposing to remove the audit requirement for around 70,000 small UK companies,’ said John Brace, ACCA deputy president.
‘We fear that a large rise in the audit threshold will almost certainly lead to a decline in the quality of published financial statements. Companies House reports that 93% of the complaints it receives about the credibility of filed accounts concern audit-exempt companies.’
Both ICAS and the ICAEW have criticised the decision to raise the audit threshold.
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