Determinants of voluntary audit and voluntary full accounts in micro- and non-micro small companies in the UK

This is an Author's Accepted Manuscript of an article published in Accounting and Business Research, 42(4), 441 - 468, 2012, copyright Taylor & Francis, available online at: http://www.tandfonline.com/10.1080/00014788.2012.667969.This study investigates the link between the auditing and filing choices made by a sample of 592 small private companies, which includes 419 micro-companies. It examines decisions made in connection with the 2006 accounts following UK's adoption of the maximum EU size thresholds in 2004, and the impact of the proposed Directive on the annual accounts of micro-companies. The research extends the model of cost, management and agency factors associated with voluntary audit, and develops a complementary model for voluntary full accounts. The results show the benefits of placing full audited accounts on public record that outweigh the costs for a significant proportion of companies. In non-micro small companies, voluntary audit is determined by cost and agency factors, whereas in micro-companies it is driven by cost, management and agency factors. In both groups, the predictors of voluntary full accounts include management and agency factors, and choosing voluntary audit is one of the key factors. The study provides models that can be tested in other jurisdictions to provide evidence of the needs of micro-companies, and the discussion of the methodological challenges for small company researchers in the UK makes further contribution to the literature

Exploring the impact of 4IR on skills and personal qualities for future accountants: a proposed conceptual framework for university accounting education

The fourth industrial revolution (4IR) presents many opportunities and challenges in a digitised world of work. This paper draws on a systematic literature review of recent research published by accounting professional bodies outlining the impact of digital technologies on the accounting profession. By taking advantage of this work this study critically assesses the types of skills and personal qualities that graduates as future accountants will need and explores the implications for accounting education and university curricula. The analysis reveals that necessary skills for future accountants may be summarised into four categories: a) Ethical skills; b) Digital skills; c) Business skills; and d) Soft skills. The analysis reveals ‘adaptability’ and ‘lifelong approach to CPD’ as the two essential personal qualities for future accountants. The practical implications for university accounting education are summarised in a proposed conceptual framework. The proposed conceptual framework: 1) acts as a roadmap for universities to align their accounting curricula with the developments in professional body syllabi; 2) helps university accounting education teachers to update, enrich, and refocus their teaching and learning approach to the requirements of the 4IR; and 3) promotes the coordination and rationalisation of the skills and personal qualities currently pursued by employability agendas at university, course, and module levels

Insensitivity of archaebacterial ribosomes to protein synthesis inhibitors. Evolutionary implications.

The effect on Sulfolobus solfataricus (an extremely thermoacidophilic archaebacterium) of selected inhibitors affecting reactions of the polypeptide elongation cycle has been tested by using poly(U) and poly(UG) directed cell-free systems. The results reveal a unique pattern of antibiotic sensitivity of Sulfolobus ribosomes with an inhibitory effect observed for only three of 60 compounds tested. Through comparison with suitable eubacterial and eukaryotic cell-free systems the insensitivity of Sulfolobus ribosomes to most inhibitors of protein synthesis appears to reflect a phylogenetic distinction of ribosome structure, rather than the high temperature conditions of the Sulfolobus assay system. In this respect ribosomes of thermoacidophilic archaebacteria differ not only from their eubacterial and eukaryotic counterparts, but also from ribosomes of archaebacteria belonging to the methanogenic-halophilic branch of the 'third' kingdom. The evolutionary implications of these findings are discussed