APB audit proposal raises concerns
The Auditing Practices Board proposal that half-year results are reviewed by an auditor has received less than enthusiastic responses.
The plan, put forward yesterday by former APB chairman Ian Plaistowe, is designed to give assurances to shareholders, and is already best practice amongst the FTSE 100.
But employers bodies expressed concerns over the additional costs this would involve.
Both the Confederation of British Industry and the Federation of Small Business warned the proposal might burden business unnecesarily.
A CBI spokesman told The Daily Telegraph: ‘It could impose an extra burden on companies, particularly smaller ones that don’t already do this.’
The DTI said it was ‘broadly sympathetic’ with the idea, while the issue is being addressed by the Financial Services Authority in its listings review.