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Audit Exemptions and Change of Accounting Framework: Consultation and Summary of Responses

Open date: 06 Oct 2011

Closing date: 29 Dec 2011

Response date: 06 Sep 2012

Consultation on changing audit exemptions for small companies and subsidiaries to remove gold plating, and to allow companies to change their accounting framework.


The consultation paper concerned two separate proposals: a change in the audit exemptions and a change in the law to allow companies to change their accounting framework. Each proposal has its own impact assessment.

The Regulations

Regulations were made on 6 September 2012 to allow more companies to make a commercial decision about whether or not to have a statutory audit. The regulations will commence on 1 October 2012, for accounting years ending on or after that date.

 
The regulations are the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012 (SI 2012 No. 2301).

 

Responses to the consultation

The summary of responses which was published on 2 March 2012: 

Audit exemptions and change of accounting framework: summary of responses to consultation (PDF, 162 Kb) 

Responses in full:

Download the consultation


Download the government response



 

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As part of government’s Red Tape Challenge, businesses and the public are invited to identify ways that ineffective, burdensome or unnecessary regulation affects growth in the business-to-business services sector.

Have your say at the Red Tape Challenge website