PBR: No big change to audit regulation
Despite pre-speech revelations that he aimed to reduce audit regulation in the UK, chancellor Gordon Brown did little to change further the audit burden on companies.
In a speech last month at the CBI annual conference Brown said: ‘In the pre-Budget report we will do more to reduce regulations in Britain in the area of inspection, audit and enforcement regimes.’
While inspection and enforcement was covered by the interim Hampton report, there was little mention of changes in audit.
Brown did refer to the prior decision to raise the audit threshold for companies with a turnover of £5.6m or less, but there was no other mention.
The only potential reduction of audit burdens, according to Jeremy Brittain, tax partner at KPMG, was the single filing for tax and VAT returns for small companies.
‘It has not yet been determined what is meant by a small company for this, but one suspects the level will be the same as for the audit threshold,’ he said.