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UK SMEs asked about audit challenges in pro-growth push to cut reporting burden

( February 3, 2025, 12:13 GMT | Official Statement) -- MLex Summary: Small and medium-sized businesses in the UK have been asked to respond to a consultation on the UK audit market. The Financial Reporting Council said it was studying the burdens arising from reporting and audit requirements and the market forces driving the consumption of audit services by SMEs. The regulator said its work would support the proportionate application of audit standards to SMEs and provide a deeper understanding of the role of audit standards in the effective functioning of capital markets. It is open to responses until April 25. Statement below, document attached. ...

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