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Detail of outcome
The government received 12 responses to the consultation. Most of the representations were from small co-operatives and community benefit societies and trade bodies. The majority of responses were supportive of the proposals, and the government will be going ahead with the change to audit thresholds.
The government announced at Spring Budget 2017 that the thresholds above which co-operatives and community benefit societies have to appoint an auditor will increase, in line with the treatment for companies. This consultation invites views on whether this will help deliver on the aim of helping co-operatives and community benefit societies compete on a level playing field with companies and whether the draft legislation delivers on the policy intent.