Trade secretary Stephen Byers announced on Thursday 3 June that as part of a package of measures to cut red tape for small business, the government would consider raising the audit threshold from £350,000 to £4.2m.
Byers told the British Chambers of Commerce conference in Glasgow he would start consultation on lifting the threshold, possibly up to the £4.2m maximum allowed under European company law directives.
‘Any change could potentially benefit thousands of companies,’ he said. ‘For example, lifting the threshold to £2m would lift the audit requirement from 150,000 companies.’
Raising the threshold will provoke a major debate within the profession between those who see it as a threat to their livelihood and those who welcome the opportunity to make audits a more constructive exercise for improving their clients’ businesses.
Byers also announced the DTI will issue new guidance ‘in the next few weeks’ clarifying that most UK companies would be able to meet the record-keeping requirements of the Working Time Directive from their existing systems. Full reaction online and in Accountancy Age on 10 June
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