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SME Use of External Accountancy Services (April 2010)

Small and medium-sized firms gain confidence in their accountants by knowing that they are subject to review by their professional bodies. Researchers Andrew McCann and Colin Gray found competence, ethics and integrity to be the most important factors which firms believe professional bodies should monitor. Key findings included:

• Three-quarters of small and medium-sized firms use the services of an external accountant, but over a third of the very smallest firms get by without this outside support.
• Competence is by far the most important factor when selecting an accountant, with cost being far less important.
• Almost all small and medium-sized firms know that qualified accountants are regulated, but the level of understanding varies.
• 83% of firms gain extra confidence from the fact that qualified accountants are subject to review by their professional body.
• The top two factors which firms believe that accountancy professional bodies should regularly monitor are the competence of partners and qualified staff and the firm’s integrity and ethics.

This study was commissioned by The Professional Oversight Board (POB). The POB is part of the UK’s Financial Reporting Council and contributes to the FRC’s fundamental aim of supporting investor, market and public confidence in the financial and governance stewardship of listed and other entities.

Price per item/person: £25