Thousands of small companies in the UK look set to escape the requirements of the proposed Companies (Auditing and Accounting) Bill 2003, it emerged this week.
According to reports, more than 100,000 firms with turnover of less than £2 million are likely to be exempted from the requirements, contained within the Bill, that companies must appoint 'properly qualified' audit committees, and that non-executive directors must personally vouch for the accounting integrity of organisations.
The UK government had initially planned to apply the new rules to companies with turnover in excess of £317,000, but is now, reportedly, planning to increase the threshold to between £1.5 and £2 million.
Speaking with regard to the government's original plan, Pat Delaney, director of the Small Firms Association told the Times that:
'It may be noble in aspiration but the extent and scope is far greater than what is called for.'
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