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June 8, 2011

UK businesses oppose non-audit services ban

UK businesses are against preventing audit firms from providing non-audit services and the joint audits, a Baker Tilly UK study reveals.

Baker Tilly surveyed directors of 117 businesses on some of the most radical proposals set out in the EC Audit Green Paper

Eight out of ten respondents said they want auditors to provide certain advisory services because auditors have an intimate understanding of their business. Most respondents said this saves them time and 48% said it saves money.

Baker Tilly’s study found that only 25% of businesses would refuse to use their auditors as advisers.

The survey also found low support for joint audits. 72% of respondents were against the proposal because they believe it will increase time and cost of the audit process.

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