PracticeAuditSMEs 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.’

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

3d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor