What are the costs associated with external auditing?
The costs of external auditing can vary widely based on factors like the size of the company, complexity of operations, and the auditor's fees.
Can you give me a rough estimate for a small business?
For a small business, external auditing costs typically range from $5,000 to $20,000 annually, depending on the scope of the audit.
What factors influence these costs?
Factors include the size of the business, the industry, the complexity of financial statements, and the auditor's reputation.
Are there any additional costs I should be aware of?
Yes, additional costs may include preparation fees, internal staff time, and any necessary adjustments or corrections.
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