ACCA's leadership is famous for ignoring public opinion. To preserve the empire of its bureaucrats and their burgeoning expenses and salaries the leadership insists that all limited liability companies should be audited. This enables it to charge excessive fees to ACCA members. The UK government has already exempt companies with an annual turnover of less than £350,000 from audits. The government is now set to raise that limit to possibly £1 million and gradually to £4.2 million. This would spare almost all the ACCA's practicing members from the tyranny of the Lincoln's Inn.
The latest support for raising the threshold comes from a survey published by the Institute of Chartered Accountants in England & Wales (ICAEW). More than two-thirds of the 600 small practitioners favor raising the threshold to £4.2 million. This will bring the UK in line with the European Union directives.
Despite all the spinning by its PR department, ACCA has not managed to persuade the public or business community to support its policies.