FSA considers auditing oust for small firms

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The Financial Services Authority is in discussions to remove the requirement on small intermediary firms to audit their accounts, in line with other small companies.

Under current Companies House auditing rules, small companies with a turnover of less than £5.6m or a total balance sheet of £2.8m or less in any one year are exempt from the requirement to submit – although this figure can reduce down to £1m depending on the company type – providing they have an average of 50 employees or less. That exemption does not apply to financial services firms, however, as the Companies Act 1985 states firms supervised under part IV regulations of the Financial Services and Markets Act 2000 must have their accounts audited. During a question and answer sessio...

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