Research by the Quoted Companies Alliance (QCA) found that the cost of audit for listed companies rose by an ‘astonishing’ 127% in five years.

James Ashton, chief executive of the QCA, said: ‘I know many have experienced bigger jumps. Still, by our calculation that’s gone up at five times the rate of inflation and we estimate far, far faster than the costs have increased for FTSE 100 members. Something has got to give.’

‘What is harder to measure but no less concerning is the availability of audit. We hear enough anecdotal evidence to conclude that drumming up interest for a competitive tender is significantly harder than it was.