Research on the Audit Exemption Threshold
URN No: N/A
Subject: Research on the Audit Exemption Threshold
The consultation document referenced research it had commissioned from an independent researcher, Dr Jill Collis, and to other research that was ongoing or had been undertaken. This research can be viewed below.
Directors views on exemption from the statutory audit - Collis ReportThe Society of Professional Accountants (SPA) submitted a report in June 2003 to the DTI entitled “The Beneficial Impact of Raising Audit Thresholds from £350,000 to £1,000,000”. You can view this report here
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.
The results of the survey were included in the ICAEW’s response to the consultation and can be viewed on the ICAEW’s website.
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. The ACCA’s response to the consultation can also be viewed.