BCC welcomes European audit proposal
Article Date: Feb 27 2009Plans to help small companies by removing the burden of submitting audit reports to national authorities have been welcomed.
The British Chambers of Commerce (BCC) says that the European Commission's proposal to abolish the requirement for the smallest firms will help those struggling in the economic downturn.
David Frost, director general of the BCC, comments: 'With 75 per cent of the regulatory burden on business originating in Brussels, this will be good news for hard-pressed small firms.'
Under the new proposals, companies with a turnover of less than £880,000 a year and fewer than ten employees will not have to publish annual audits.
Frost adds that the total cost of regulation for firms currently stands at £66 billion and suggests the UK government delays further legislation, such as employment laws and waste control regulations, which could add to this.
However, the move was not welcomed by all representatives of the small business community, with European group UEAPME claiming the plans, which are only applicable to some member states, would create an uneven playing field and could lead to a lack of transparency in the markets.
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