Businesses could save
economy: More than 100,000 UK businesses could save millions in annual accountancy and administration costs under reduced auditing and reporting requirements announ- ced by Business Secretary Vince Cable.
The Government's response to the consultation on Audit Exemptions and Change of Accounting Framework confirms plans to allow more companies to make a commercial decision about whether or not to have a statutory audit.
Mr Cable said: "Reporting require- ments have become increasingly demand- ing and costly.
"We listened to business, who made a strong case for reform, and I am delighted we are now taking this opportunity to make audit more flexible and targeted.
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"Tackling these problems will help save UK companies millions every year."
The regulations are expected to come into force for accounting years ending on or after October 1.