Greek firms poised for audit explosion
Article Abstract:
Greek accountancy firms are getting ready for the impending liberalization of the auditing market. The introduction of reforms, expected in the summer of 1992, will effectively end the monopoly by the state auditing body SOL of the lucractive auditing business. There are presently some 2,000 firms in Greece that are required to undergo a statutory audit. With such a market, analysts expect Greek accounting firms to grow by more than 100% within the next few years. The number of private practitioners is likely to jump from the current 700 to over 11,000 by the middle of the 1990s. The boom in the auditing business also presents potential problems, including the need for training and recruiting of qualified employees, more space, internal administration, and quality control. Greek accountancy firms would have to charge more than the SOL, but they are confident that they will be able to attract plenty of business.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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Small companies: no longer true and fair?
Article Abstract:
The Companies Act 1985, 'Accounts of Small and Medium-Sized Enterprises and Publication of Accounts in ECUs,' Regulations 1992 (SI No 2452) introduces a new financial reporting regime for small British companies. The new statutory instrument now allows small businesses to combine different balance sheet headings and exemptsthem from disclosing certain information in the notes to the accounts and in the director's report. The SI is careful to emphasize that the annual reports of companies that decide to take advantage of the exemptions offered by the newlaw will not be any less 'true and fair.' The new financial reporting regime, however, is causing confusion among auditors. Although it supposedly makes no changes in the responsibilities of auditors regarding small company accounts, the wording of the SI seems to permit practitioners to omit the revered term 'true and fair' from their reports.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1993
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