With the introduction of new auditing rules being introduced by the Auditing Practice Board, accountants will not be allowed to provide tax and business advice to clients they provide auditing services for. This will potentially mean having two sets of accountants - one to audit the books and one to provide business and tax advice.
Our View
There are two distinct possibilities here. Firstly, accountants with existing audit clients are likely to lose those clients on the advice side. This will mean a decrease in revenue for them. Clients will then have to find an alternative accountant for their business advice and pay additional fees. But, accountants could lose out completely if clients decide not to seek their business advice from an alternative accountant because of the cost. The need for two when one would be much better is just another reason to leave a country going backwards quickly and start up abroad!