If the audit company has long association with the existing client,
the auditor would know all the ins and outs of their client. The auditor would
know exactly what is needed and this will help them in knowing what to request
from the clients and where they can get it from. This will be beneficial to
both the audit firm and the client when looking at it from a time perspective,  without needing time to get to know operations
and by completing the audit service fairly quickly and easily. Long associated
auditors will be better at their job as they have done it repeatedly throughout
the years. Long association with an audit firm could be very cost effective as
the audit firm is trusted with their work and do not have to be provided with
any training expenses or beginning bookkeeping. The risk of mistakes at the end
of the audit would be decreased and this would save the company from paying
extra costs. Long association’s relationship would lead to positive relationship
where the audit firm, as well as the client, would push for successful and
productive audits. On the other hand, usually when audit firms are involved
with client companies for so long, the objectivity of the auditor will reduce
and they may not work hard enough to find fraud that may be concealed, as there
would be relationship based on trust. The auditors would be used to examine the
accounts receivable in a specific way that they would be convinced it’s the
better way, disregarding all other methods as they are used to one. Audit firms
may not take the old clients seriously as they have been with them for so long;
the audit firms will take new clients more valuable as they would have a need to
prove their worth. It will be in the client company’s best interest to change
the audit company they are involved with in terms of price, as it will not be
worth the amount they would have to pay if they are caught with fraud or
forgery.