From www.accountingweb.co.uk: (UK context) Julia Penny emphasises the need for the audit profession to enhance its appeal to SMEs due to rising concerns about the cost and availability of audit services.

The Financial Reporting Council has initiated a market study to examine the audit market’s effectiveness for SMEs and to explore opportunities for reducing their reporting burdens.

Penny highlights that the current auditing standards can be overly complex for smaller entities, suggesting that simpler standards, like the International Standard on Auditing for Less Complex Entities, may offer more appropriate solutions.