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Actual date of implementation
Does anybody know which accounting periods will be affected when it is introduced (late 2014/early 2015).
Will it be periods ending after a certain date in the future (say 31/03/15) or will it apply immediately.
I'm thinking of clients with a 31/12/14 year end.
end of auditing
Many of the remaining audits are for small ineligible companies, typically small UK companies that are part of a large group or containing a plc. As such we need to continue with audits for companies with some very small turnovers indeed. Its more important to properly address that issue at this point than raise the thresholds, which will benefit fairly few companies.
I don't know why we have this piecemeal approach - constantly raising the thresholds every few years. Ultimately where its going to end up is with audit being required for listed companies and banks, insurers etc and everyone else exempt, so they should get on and introduce this change and be done with it.
Auditing - A waste of time and money
The "audits" of the banks in 2008 demonstrated that audit's are a waste of time. Recent visit by ICAEW confirmed that audits are more about ticking the right boxes and covering one's posterior, whilst picking up fees.
When I look at company accounts to determine credit worthiness etc I ignore the fact that they have been audited.
There is some merit for listed companies, but as far as private companies are concerned, get rid of them.
Doubtless PWC, KPMG et al will have a different view.
Once we have sorted that out we can then start to look at the Insolvency industry in this country, which is a far bigger problem.
Again opposition from PWC etc (at £150 per hour for filing clerks).
Rant over, feeling better now.
audit limits
Article is a little misleading , audit thresholds have been aligned with small company limits , its now a 2/3 test since the 2012 regs