A government consultation paper on the audit threshold is imminent, though it will only test the arguments and not propose an appropriate level. The survey findings indicated strong support among accountants for abolition of the current threshold, despite fears that it could wipe out much of a firm's client list. Just 17% of small practitioners responding to an Accountancy Age questionnaire favoured maintaining the status quo. However, what will be less comforting for the government were the sharply divided views about how the current threshold should be replaced. While many supported simply raising the annual turnover threshold, respondents to the questionnaire were split on what the level should be. Significant minorities also supported alternative methods of governing which companies should be subject to compulsory audit. These included limiting compulsory audit to companies where there are minority shareholders, or just to limited companies. While most respondents felt damage to their incomes would be limited, some feared a rise to £4.2m could cut turnovers by as much as 95%, although most said other work would compensate for this. Full results, page 3.
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