How does a small company choose an audit firm in London?

How does a small company choose an audit firm...

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My friend has recently joined a small business in London that has previously made use of the small companies audit exemption, but now wants to opt in. Neither she nor I know the London audit market at all - other than sticking a pin in the telephone directory, how do you choose a 'good value' audit firm from the dozens that operate in the City?

Thanks for any suggestions!

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By zarathustra
19th Dec 2011 09:19

It depends what you wish to get out of the process .

Do you just want an audit report to show external bodies? In that case just get some quotes and pick the cheapest.

However, if you need the auditors to add some extra value then pick a number of different firms, probably of varying sizes in your locality, and get them to submit detailed tenders.

 

Quiz them and pick the one you think will be best for your business.

 

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By Roland195
19th Dec 2011 09:55

Good value in an audit?

For a company that is so small that it is not required to be audited by statute, there is no such thing as good value in audit. The "value added" nonsense does not apply either - no such thing especially at this end of the market.

If the company is absolutely forced into auditing for instance by the bank, bear in mind you can often get round this "requirement" by speaking to them until you get to someone who knows what they are talking about. They usually don't mean audit as we understand it at all and will accept accounts prepared by a CCAB firm as the same thing. Their mistake.

 

  

 

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