The Financial Reporting Council has expressed concerns over new rules coming
out of Europe that would require it to oversee the audits of non-EU companies
listed in the UK.
Chief executive Paul Boyle said that the EU audit directive, which comes into
force in 2008, will place a significant extra burden on the regulator and, at
the moment, he was ‘not sure what we are going to do’, according to the
The directive requires that the auditors of non-Eu companies listed in the
UK, or any other EU country, register with a European audit regulator and will
then face regular inspections from that regulator.
There are currently 229 non-EU companies listed on the London Stock
Exchange’s main market, however AIM listed companies will be exempt from the
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC