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.