Damning Audit of Auditors

I am no big fan of audits.

Yes, some companies have to have them.

Some companies, however, choose to have them done.

The 2013 audit monitoring report compiled by the Institute of Chartered Accountants found just 19% of the audit files they inspected to be up to the standard of satisfactory.

So, if you have an audit, I would ask yourself the question do you really have to have it?

If there is a way out of audit, I would take it, particularly as the job is likely to be done to a standard that fails to register as satisfactory.