The UK Government have announced that they will raise the monetary thresholds for determining company size, which they feel will be a welcome move that promises to reduce the regulatory burden on businesses, particularly smaller entities
In this blog, Helen explores the importance of energy and carbon reporting, its impact on businesses, and the role of auditors in ensuring accurate and reliable reporting.
Two new standards were introduced in December 2020 by the International Auditing and Assurance Standards Board (IAASB), which were then adopted by the UK’s Financial Reporting Council (FRC).
According to the International Auditing and Assurance Standards Board (IAASB) “Worldwide, small- and medium-sized entities account for more than 90% of businesses and more than 50% of employment”
The Accounts Rule 12.5, holds members responsible for ensuring the reporting accountant who prepares and signs the Accountant’s Report is a member of a chartered accountancy body and is, or works for, a registered auditor.
Due to company law changes brought about by Brexit, it is worth noting that a previous audit exemption that was available to the UK subsidiary of an EEA parent company is no longer available for accounting periods commencing on 1 January 2021.
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