It goes without saying that the international regime has certainly put the cost of audit up and in most cases, the extent of these costs are sometimes irrecoverable – meaning that audit is becoming more of a hindrance to professional firms than a benefit. Invariably, clients will express their dissatisfaction at their fees going up by anymore than the annual rate of inflation and even that can sometimes ‘ruffle feathers’.
So why did the standards change so dramatically, and how can firms at the smaller end of the scale manage the increased costs inherent with the audit process?
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