In many of these situations, the usefulness of the accountant’s work which was to state to a business owner-manager that the accounts which they were legally required to present to themselves were true and fair, was limited.

Since changes in the audit exemption thresholds the impression that accountants provide little actual value still persists despite a more competitive business environment. Accountants have had to change themselves and work harder to attract and retain clients.

This has been beneficial to small businesses in the main and lead to a far greater pro-active approach being adopted by the accountancy profession.