In defence of the sole practitioner

Article Abstract:

Chartered accountants serving as sole practitioners or as members of small practices play a pivotal role in meeting the accounting needs of individual taxpayers and small companies. They are also eminently capable of handling the auditing needs of small companies as they provide a cost-effective service that is more attuned to the requirements of small businesses. The onset of the new audit regulation rules is not necessarily a burden for sole practitioners and members of small practices since the use of a systematic audit program can help minimize the additional costs incurred in complying with the new rules. Such an audit program could involve checking for completeness of records and verifying balance sheets using control accounts.

Standards, Methods, Column, Accountants

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A two-tier profession and beyond?

Article Abstract:

A clear distinction between auditing and financial reporting for small and medium-sized private firms is essential to the growth of accounting as a profession. The distinction, described as the two-tier profession, is being reflected in accounting standards and company law. In order to maintain and increase its relevance in the future, aggressive changes in the accounting profession are necessary, including a single British auditing qualification, the abolition of auditing for small companies, and the integration of all British accounting bodies.

Analysis, Accounting, Practice, Financial statements

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