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A long-awaited review by the Public Oversight Board for Accountancy (POB) has found that a significant number of qualified and non-qualified accountants are submitting poor-quality accounts to Companies House, writes Martin Nimmo. It identified no particular problem with submissions by CIMA members, but it is important to be aware of the situation.
Approximately 260,000 SMEs had their accounts audited in the year to April 2005 and around 890,000 used audit exemptions. Most smaller firms, therefore, chose to file non-audited accounts and/or abbreviated accounts.
In late 2005 the POB reviewed the quality of accounts filed at Companies House using a sample...