KWARTENG WARNED AUDIT RULES THREATEN UK RECOVERY thunders the front page of the DTel business section. What can this mean?
"... his plan to make company directors personally liable for the accuracy of accounts risks stifling entrepreneurship", it goes on; "... and undermining the Covid recovery". Apparently the animal spirits of "entrepreneurs" mustn't be tempered by the need to tell the boring old truth: why, they're much too busy saving the economy to keep proper records, dontcha know?
OK, we know the business pages of the DTel are an hilarious and often mutually contradictory morass of vested interests being given a platform for their shameless, disingenuous special pleading (presumably paid for, in one way or another). But this is utter bollocks. Anyone seeking to evade responsibility for accuracy in their accounts isn't fit to run a company that expects to trade with third parties.
In case anyone imagines otherwise, I know what it is to start up a company. Yup, I'm an entrepreneur: after a number of years as a wage slave, some partners and I set up a new firm. We took it public when we were able. Since that was always our intention, we took care to build it soundly and keep it that way - including its accounting. No contradiction. Anyone fundamentally unwilling to undergo the scrutiny of a public offering ain't doing anything that's going to save the economy.
And it's not just small companies that need to be steered onto the straight and narrow. Disgraceful accounting decisions proliferate, and are generally part & parcel of any big corporate meltdown / scandal. How much do they aid the economy? Well, all activity, even bent activity, helps keeps the wheels turning. Crime contributes to GDP. But efficient, accurate, above-board business contributes a lot more in the long run.