Speaking in its official response to the Review the institute praises many of the proposals but saves its criticism for its approach to technology.
Graham Ward, president of the institute, commented that the ICAEW supported proposals on financial reporting and that auditor’s liability should be readdressed.
However he said the Review failed to recognise that advances in technology would remove the differences between preliminary statements and full accounts.
‘This consultation does however, underplay the role of technology,’ he said.’Existing technology allows people to pick and choose from a continuum of electronic information.
‘The distinction between preliminary statements and the full accounts then loses its meaning.
‘The law must provide the flexibility for the inevitable transition to higher technology business environment.’
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