Accountant David Logan spelled out a stark warning to fellow practitioners at the recent IRIS World event at Twickenham.
“Accountancy is now becoming a trade not a profession,” argued David Logan of Northern Ireland firm McIlveen Howard (MHL) during a panel session with three other accountants.
“I used to have seven audits, but I could do 95% of my business without being registered. We’re competing with anybody who can set up as a bookkeeper. If someone is made redundant and sets up on their own, you can’t compete with that.”
This month’s changes to the audit exemption criteria will only make things worse, he added, with companies turning over more than £6m potentially not needing audits. “W...