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CLIENT UPDATE

AUDIT changes

Byers successor has changed the audit limit again – upwards.

The Audit threshold is to go up from the present £1,000,000 to a more “European” level of £5.6m, or should we say EUR8m. Given that company information and regulation in lots of Europe is inferior to our own culture of transparency and probity, this does not seem a good bench-mark to go against.

Les Plus points to the change

Companies no longer get some nit-picker going through their figures

Directors don’t have to bother with all the audit procedures/forms

Annual accounts will take hours less time to finish due to no extensive audit form-filling

Companies will get slightly reduced fees

Overseas investors looking to be ‘murky’ will appreciate the looser regime to hide their dodgy dealings under

The holy grail of “harmonizing” is kow-towed to

organized companies will be able to generate their accounts minutes after their year end if they want to

Periculoso points to the change

Quality of many accounts will plummet

Un-scrupulous directors will get away with more dubious activities due to the lack of close check on their actions e.g. lying in the accounts about certain transactions

Inland Revenue will have a harder time working out linked transactions and companies

International dodgy goings-on will be easier

Small companies will now have fewer accountants to choose from to get an audit done because the number of Registered Auditors will plummet.

without an audit, companies will not get the management report frequently issued as part of the audit process. Many clients find this report most useful as feedback from an independent third party with unrestricted access to their files. Yes we know clients could pay for this anyway, but we‘d like to hear someone sell this successfully

…etc….

Commencement date is 30 January , and also bizarrely 30 March 2004, as already announced by the government twice with much fanfares.

If you need any further information please call us and talk to a member of our ever eager to help staff on 0800 923 0148 or send an email to info@abell morliss

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