PracticeConsultingPay the price of audit

Pay the price of audit

Small Practitioners Association chairman Peter Mitchell appears to want to link himself and his band with the 'big boys' and they seem to be intent on leading small practitioners like lemmings to the precipice.

Which planet is he on? Certainly not this one.

Does his association ever debate the issue? I cannot believe his views are in the SPA’s best interest. The specialisation of chartered accountants used to be auditing – the expression of independent opinion.

With the advent of audit exemption, which seems about to increase, we have moved into different territory, which may affect the prospect of the small practitioners. If we have lost our specialisation we are in a much larger market of competition.

The current trend seems to be sounding the death knell of smaller practitioners.

I am pleased the ICAEW’s audit faculty did a u-turn on the exemption levels and I hope it will press to make audit, apart from its other objectives, a price to be paid by businesses for the advantage of limited liability.

G Conlong, Staffs.

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