Statutory Audit Threshold

HC Deb 13 February 2004 vol 418 cc70-1W

Mr. Stephen O'Brien

To ask the Secretary of State for Trade and Industry what recent consultation she has undertaken on raising the statutory audit threshold; and if she will make a statement. [153548]

Jacqui Smith

In July 2003 the Department published a consultation document on the proposal to increase the thresholds below which most small companies can be exempt from audit. A copy of the consultation document is available for reference in the Libraries of the House. Copies of responses to the consultation are available from the DTI library.

The Regulation increasing the audit exemption thresholds came into force on 30 January 2004 and applies in respect of financial years ending two months later.