Small firms not getting value from their audit

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Over half of the UK's small firms are not getting the best value from their audits, research from KPMG has found.

In a survey of 200 SMEs, 56% of respondents said that they viewed their audit as a largely mechanical process that didnt change from one year to the next.

However, 40% said that the process highlighted recommendations and learning opportunities about the business as a whole.

Less than half of companies admitted to meeting with their auditor outside of their audit season, though almost two thirds claimed to recognise that the strength of the relationship they had with their auditor was directly related to the value they can derive from the process.

"A strong and open relationship between a company and its auditor is vital if the audit is to produce the sort of far-reaching benefits...

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