Cost savings predicted by the DTI in its recent consultative paper on the future of the small company statutory audit were significantly overstated, the chairman of ACCA's auditing committee Jonathan Beckerlegge said today.
'We are satisfied that the results show a much lower cost of audit to small companies than the figure of £5,000 quoted in the consultation paper,' he added.
'The survey results suggest that the average cost of audit to companies with turnover between £350,000 and £750,000 is about £1,150, compared to £1,600 for accountancy work. For companies with turnover between £750,000 and £1m, the average fees for audit and accountancy services rise to £1,550 and £1,850 respectively. 'Even for companies with turnover between £2m and £4.2m, the average cost of an audit is only £3,100.'
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