FRC says newly revised standards from the US will cause a hike in audit costs for private companies
Private companies are about to suffer a hike in audit costs, at a time when economic uncertainty and the credit crunch make them more vulnerable.
The bad news comes from the UK's financial reporting watchdog, which warned that newly revised audit standards emerging from the US will add complexity to regulation and increase the price of audits for private companies.
Paul Boyle, chief executive of the Financial Reporting Council said: 'What's acceptable to BP may not be acceptable to private companies.'
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