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Old Fashioned
We have state of the art technology, but antiquated tax laws and even more anitquated auditing rules.
With EU and Governments' accounts not balancing and vitually nothing being done about it never mind large concerns in turmoil, the question has to be asked. Is Auditing effective or even needed???? Yes it highlights problems but what is the point if no action is taken or worse, the concern is in liquidation. Rather like locking the stable door after the horse has bolted.
Do we not need the whole system of taxation and accounting to be brought into the 21st Century???
The EU have a fantastic opportunity to get a grip and come up with something special instead of trying to standardise an old fashioned, ineffective system.
Not only long awaited . . .
The Company Law Reform Bill is not only long awaited - it is long!
It is a mammoth Bill of 885 sections and 15 Schedules.
It repeals most - but not all of - the earlier Companies Acts.
The result is likely to be that, once the Bill is passed next year, we shall need to consult this legislation and bits of earlier legislation to get a full picture of company law. It is a pity they could not have replaced all the earlier legislation by adding a little more to this Bill.
It is also worth noting that the Bill contains provisions (in part 31) to enable company law statutes and regulations to be amended in future without going through the whole procedure of getting an Act through both Houses of Parliament. Instead, within limits, the law can be changed by a single resolution of the House of Commons affirming a Statutory Order.
We saw a similar system included as section 173 of the Serious Organised Crime and Police Act 2005.
This makes it easier for Ministers to change the law without having the changes fully debated by Parliament.
David
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