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Different approaches to increased audit exemptions

Increased audit exemptions are creating challenges and opportunities for the profession. ICAEW is taking a knowledge-led approach to this through a number of projects and considers the options for auditors and the various European approaches.

The international trend towards making audit optional for increasing numbers of small and medium-sized businesses has created challenges and opportunities for the accountancy profession and for the wider business community it serves and supports.

ICAEW is taking a knowledge-led approach to this through a number of projects. These include the Audit and Assurance Faculty initiative, Small Business Matters, which recently published its first set of research findings The 99.9%: small and medium-sized businesses – who are they and what do they need? “We invested in this research to get a better understanding of a very important component of the economy,” Michael Izza, ICAEW chief executive, said at the recent launch event (see page 5 and icaew.com/smallbusinessmatters). 

ICAEW is also conducting research into the future of accountancy through the Tomorrow’s Practice initiative. This is exploring how the changing needs of businesses and many other factors will reshape both the firms of the future and the role of accountants. “We believe that the future role of the profession has to be informed by creating a dialogue to find out precisely what business is going to need, rather than second guessing what those needs might be,” said Izza. “We are now at the start of a journey.”... 

This is an extract from an article in the November 2014 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty. 

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