Accountancy body, the Institute of Chartered Accountants in England and Wales (ICAEW), warns that new rules designed to cut red tape for small businesses will increase the risk of crimes going undetected and, thereby, reduce the public's trust in UK business. UK Government's Businesses Secretary, Sajid Javid's push to cut back regulation for British companies is predicted to lift more than 98pc companies out of audit requirements, meaning that 98% of UK businesses will not have to carry out a full audit, however the ICAEW says it leaves companies vulnerable to fraud, money-laundering and inaccurate tax bills.
Accountancy body, the Institute of Chartered Accountants in England and Wales (ICAEW), warns that new rules designed to cut red tape for small businesses will increase the risk of crimes going undetected and, thereby, reduce the public's trust in UK business. UK Government's Businesses Secretary, Sajid Javid's push to cut back regulation for British companies is predicted to lift an estimated 11,000 companies out of audit requirements, meaning that 98% of UK businesses will not have to carry out a full audit, however the ICAEW says it leaves companies vulnerable to fraud, money-laundering and inaccurate tax bills.