The Institute of Chartered Accountants of
Scotland (ICAS) has expressed concerns that the benefit of audit to
the economy is not fully recognised by the UK Government.

In it’s response to the Department for
business, innovation & skills (BIS) consultation paper on
audit, ICAS welcomed the proposals on audit exemptions and change
of accounting framework but said it would not support plans to
significantly increase the audit exemption threshold.

The institute also questions whether there
will be a large take up by business of the subsidiary exemption
proposals.

ICAS has also raised doubts on the option of
reducing audit requirements for unlisted companies, especially in
the current economic environment.

Commenting the proposals, the Institute also
noted it anticipates the saving in the audit fee will be less than
forecasted as in the case of small companies “one will sometimes
find that it is difficult to ascertain whether certain costs
pertain to the accounting or to the audit work,” ICAS wrote.

 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.