Audit law ‘will increase costs’

THE separation of audit and non-audit advice could cost small firms up to €6,000 extra a year, a new survey shows.

The survey carried out by the Association of Chartered Certified Accountants (ACCA) found that 60% of its members believe the costs to their clients will increase by up to €4,000 per annum. While 17% estimate the cost hike at between €4,000 and €6,000.

Following the survey the ACCA has called for a total revamp of the Auditing Practices Board’s (APB) proposed ethics standards which will limit the ability of accounting firms to offer both audit and non-audit advice to small business clients.