ACCA concerned over Government Pledge to ‘remove accounts and audit’ for SMEs

Audit is not red tape, and it adds value in an enterprising culture. The preparation of accounts and the independent audit of that information bring value to businesses large and small, says ACCA (the Association of Chartered Certified Accountants) in response to the Government’s announcement that “no small firm will have to have independently audited accounts any longer.” ACCA is concerned that the Department for Business, Innovation and Skills (BIS), in a news release issued on Friday 4 March, referred to annual accounts as ‘paperwork’ and the current obligation of companies to prepare them as ‘burdensome’. John Davies, head of technical at ACCA, says: “Annual accounts are prepared and published as a quid pro quo for the privilege of adopting limited liabili... »