Audit, Accounting and Reporting Research
Directors' views on Accounting and Auditing Requirements for SMEs
This research was commissioned by the Corporate Law and Governance Directorate of BERR in August 2007. The aims of the research were to investigate directors’ views on the present accounting and auditing requirements for SMEs in UK company law, and on the draft simplification proposals made by the European Commission in July 2007. Furthermore the research sought to identify changes in the financial reporting practices of companies that had participated in a previous study commissioned by the then DTI ("Directors' Views on the Exemption from the Statutory Audit" Jill Collis October 2003 URN 03/1342 ), which focused on issues in connection with raising the audit exemption thresholds.
Directors' views on accounting and auditing requirements for SMEs (PDF 485 KB)
Directors' views on exemption from the statutory audit - Collis Report
The Society of Professional Accountants (SPA) submitted a report in June 2003 to then DTI entitled “The Beneficial Impact of Raising Audit Thresholds from £350,000 to £1,000,000."
The Audit and Assurance Faculty of the Institute of Chartered Accountants in England and Wales (ICAEW), in conjunction with the Institute’s Research Centre, recently conducted a web-enabled survey of Chartered Accountants in business and in practice. Views were sought on the impact on the costs and benefits of the last increase in the audit threshold (to £1m) and on the potential impact should the threshold be increased further.
In January 2001, the Association of Chartered Certified Accountants (ACCA) published a members’ survey on fraud and the small company. This survey, called Fraud and the Smaller Company, can be downloaded from the ACCA’s website.
Directors views on exemption from the statutory audit - Collis Report (PDF 590KB)
Competition and Choice in the UK Audit Market
Competition and Choice in the UK Audit Market an independent analysis of the audit market in the UK was published on 12th April 2006 by the DTI and Financial Reporting Council. The study considered the factors that contribute to the competitive environment for audit services to large listed companies in the UK.
Competition and choice in the UK audit market (PDF 1135 KB)
