Small firms no longer need accounts audited says FSA

Small financial firms will no longer be required to have their accounts audited under proposals from ...

Small financial firms will no longer be required to have their accounts audited under proposals from the FSA. The regulator estimates that this will save around £12.9m for the firms and is most likely to benefit financial advisers. The Department of Trade and Industry (DTI) has agreed with the FSA and is constructing new rules under the Companies Act 1985 to implement the proposal as soon as possible. The Government will now decide whether small companies and Appointed Representatives (AR) should havel their accounts audited for financial years ending on or after 31 December 2006. The FS...