In line with the EU Accounting Directive it is likely that the Department for Business, Innovation & Skills will propose an increase in the audit exemption thresholds during 2015. Almost 100 audit professionals took part in our survey to assess the likely impact of this change. You can read an analysis and commentary of the results in this paper.
Passed by the European Parliament in June 2013, the Directive included increases in the maximum thresholds that member countries can adopt for the definition of small companies and audit exemption.
What impact will this have on audit professionals in the UK? Will fee income from audit work decline? What can be done to make up the shortfall? How do practices plan on communicating with their clients? Read this report to find out.