New rules on audited accounts

The Government has announced that it intends to allow small firms to be exempted from having to have independently audited accounts. The changes will come in via amendments to the Companies Act and will bring small company audit rules in line with the EU minimum in 2012. The small company

The Government has announced that it intends to allow small firms to be exempted from having to have independently audited accounts.

The changes will come in via amendments to the Companies Act and will bring small company audit rules in line with the EU minimum in 2012.

The small company audit and account rules are stricter in the UK than is required by EU law. For very small businesses (with less than 10 employees) the Government will remove the requirement to produce two sets of accounts; and for medium sized businesses Government will push for EU restrictions to be lifted so that they no longer need their accounts independently audited.

This was first published in March 2011

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