By law, companies with a turnover of more than £6.5 million or gross assets of more than £3.26m have to have their accounts audited by a qualified firm of accountants.
Since this is a legal compulsion it is tempting for owner-directors to view the annual audit as simply an imposed cost. However, Gavin Young, director of audit and assurance at accountants Johnston Carmichael, points out that there are two fronts on which the audit firm can generate real value for money for small to medium-sized enterprises (SMEs).
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