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Opening up new audit avenues

With many sole practitioner and small practices choosing to deregister from audit services, MGI Watson Buckle have tapped into what could be a useful new source of business.

Following discussions with marketing consultants JE Consulting, the practice contacted smaller firms within their geographical area to offer their audit skills.

By working together on a non-competitive basis, smaller accountancy practices are able to offer value added services to their clients, which would otherwise have conflicted with the strict independence issues of audit appointments, while leaving the audit assignment in the capable hands of MGI Watson Buckle.

Managing partner Chris Padgett said: “This approach was something we had not seriously considered before but so far it has led to one substantial fee and we are also in discussion with some other firms.