Reducing Audit Requirements (Update)

Vince Cable Excerpts

Friday 14th September 2012 Written Statements

[The Secretary of State for Business, Innovation and Skills (Vince Cable)]

On Thursday 6 September 2012 I laid a written statement before the House—Official Report, column 27WS—about the publication that day of the Government’s response to the October 2011 consultation on audit exemptions and change of accounting framework.

That statement included an explanation that the legislative changes to enable companies to take advantage of the new and increased audit exemptions would come into force from 1 October 2012, to be available for accounting years beginning on or after that date.

Regulations have now been made introducing those legislative changes. However, in fact the exemptions will be available for accounting years ending on or after 1 October 2012. The regulations are the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012 (SI 2012 No. 2301).