Audits defence

THOSE who argue that the audit is a burden on the small company are 'frankly wrong', the president of the Chartered Association of Certified Accountants told delegates at his organisation's annual conference yesterday.

David Bishop told the meeting in Cambridge: 'At the heart of our case is a simple point of principle - no audit, no protection.

'Those who choose to opt for limited liability status do so primarily because it gives them personal protection in the event of business failure. In the same way, those who are associated with a company - for example employees, creditors or potential customers - also merit protection, and this comes from the audit.'