Press reports suggest that the UK government is set to raise the small company audit threshold to a turnover figure of £4.8 million (click here for more).
As a result ACCA will hardly have any member involved in the audit of UK companies. This is another sign that ACCA has little influence in the UK. ACCA members bear the cost of regulating the UK auditing sector. The Association acts as a regulator under the Companies Act 1985. The Association also bears 28% of the £5 million costs for running the Accountancy Foundation. The ACCA has refused to publish any geographical analysis of membership. but 'insiders' are concerned that the rate of growth for the UK has slowed down considerably. Around 50% of the ACCA membership is outside the UK and receives no benefit from the ACCA's UK regulatory activities.
The ACCA's campaign against the raising of audit threshold has been
led by its Deputy-President, Jonathan Beckerlegge. He is to be rewarded
by Presidency from May 2002.