SMEs unclear over role of auditor

SMEs unclear over role of auditor

Concerns about accounting standards emerge in report

Many small businesses are unaware of the role an auditor can play in their
business as well as the various financial accounting and reporting options
available to them.

This was one of the key findings of a survey undertaken by the Professional
Oversight Board for Accountancy.

In response, the Institute of Chartered Accountants of Scotland called for an
official crackdown on unqualified accountants who often service this market and
provide sometimes substandard service to these companies

In an attack on ‘quasi-accountancy services’, the body urged reporting
watchdogs to bring unqualified and unregulated individuals who supply accounting
services within their jurisdiction, the Herald reported.

Sir John Bourn, POBA’s chairman, said: ‘Following recent changes, including
the introduction of audit exemptions and abbreviated accounts, directors of
small companies in particular could be helped by a clear explanation of the role

performed by professional accountants and the implications of the various
financial accounting and reporting options available to them. cial accounts.’

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