It’s important for organisations to carefully consider their specific needs and priorities when choosing an audit firm. There are several reasons why a mid-tier firm may be a better choice for a company’s audit compared to a big 4 firm.
- Mid-tier firms tend to charge lower fees for auditing services compared to the Big 4, which can be beneficial for companies where cost efficiency is important.
- Because they are smaller, mid-tier firms’ staff are often open and friendly, and can provide a more personalised service and a closer working relationship with their clients. They will get to know the company better and this should lead to a thorough understanding of the company’s unique needs and operations.
- Mid-tier firms may be more flexible in their approach to auditing and may be able to offer customised solutions more appropriate to a company’s specific requirements.
- Some mid-tier firms specialise in specific industries or areas of expertise, which can be a huge advantage for companies operating in these fields.
- Mid-tier firms tend to have a flatter organizational structure and fewer layers of management, resulting in a less-bureaucratic, more streamlined and efficient audit process.
In conclusion, while the big 4 firms have the resources and reputation, a mid-tier firm can offer cost-effective audits, personalised attention, flexibility, niche expertise, and a less bureaucratic process.
So who are the mid-tier accountancy firms?
A good to place to start to look for a mid-tier firm is in Accountancy Age’s national Mid-Tier Power Index, which spotlights firms who champion excellence in their work, and ranks them on areas such as strategic planning, profitability/growth professional excellence and people and community. You can be assured then, that a mid-tier firm has quality and longevity as a major part of its ethos.
In 2023, UHY Ross Brooke was chosen to join the Mid-Tier Power Index and “has become a compelling alternative to the top 10 firms in the Thames Valley when it comes to our audit services” according to Emily Ness, joint managing partner.
As a member of the UHY network, a top 20 UK accountancy network, we have the resources and skills within our own team, but can also draw on the expertise of the larger group should we need it.
If you’re looking for your first audit, or for an auditor who has more time to invest in your organisation, please do give us a call.