The audit threshold level was increased in the UK from £350,000
to £1 million and applied to financial periods ending on or after
28th July 2000. It is noted that the EU maximum to which the audit
threshold level could be increased is currently £4.8 million.
The DTI's intention to assess the impact of the last increase
and to consult before making a final decision on further increases
in the audit threshold level was outlined in The Modernising
Company Law White Paper, published in July 2002. The paper also
proposes certain other changes to UK's company law.
The DTI said it is particularly seeking evidence, such as
statistical information on the costs and benefits of the last
increase, from all interested parties. The information submitted
will be used in a further consultation on the issue, proposed for
summer 2003.
The Modernising Company Law White Paper can be found at:
www.dti.gov.uk/companiesbill
