John Beckerlegge, chairman of the ACCA's audit committee last week said the institute's decision to back the raising of the threshold to exempt companies with a turnover of less than £4.2m was 'internally inconsistent and at odds with the institute's professed belief in the audit.'
Responding to these comments, English ICA vice president, Michael Groom, said he was both surprised and bemused.
'Our response to the DTI was made after very careful consideration of the issues and views of a whole range of members in both practice and business, and as our members service the bulk of the SME market they well understand the needs of the owner managers of those businesses,' he said.
He added: 'Our response to the DTI stated that audits have a very significant value for both individual companies and the economy generally.
He also said:'We ruled out any self interest and refute that our response is in any way an attempt to help practices escape regulation.
'After very careful consideration, we concluded that consumer choice would not be an issue and that a significant number of companies would continue to recognise the value of the audit.'
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