DTI confirms end of audits for small firms

Trade and industry minister, Jim Fitzpatrick announced yesterday that he would set out regulations to allow more companies to take advantage of accounting and auditing exemptions in the Companies Act 1985. The regulations will come into force on 8 November 2006 and will apply to firms with financial years ending on or after 31 December 2006. It is estimated the changes will save 3,200 small firms and 1,490 ARs £15.25m a year. The Financial Services Authority says most of the firms that will benefit are likely to be financial advisers. Small companies do not have to have their accounts a...