Finance directors of smaller businesses have urged the government not to extend the Turnbull reforms for internal audit beyond listed companies.
If the groundbreaking recommendations of last week’s Turnbull committee report are adopted, listed company boards will hold annual reviews into the scope and resources of their internal audit function.
But in this week’s Accountancy Age/Reed Accountancy Personnel The Big Question, 37% of FDs warned the government not to extend the Turnbull shake-up to non-listed companies. Less than half that number supported an extension, with the remainder neutral.
Most argued that small businesses were already subjected to enough government regulation. ‘It sounds like yet another paper mountain under construction,’ said Brian Cheshire, of Bevan Funnell, the furniture manufacturer.
Another FD, who asked to remain anonymous, added: ‘Unlisted companies shouldn’t be burdened with internal control and risk management. Its birthplace was in the corporate governance debate. That’s all about accountability to a wider investment market.’
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