Accountancy firm numbers have fallen sharply in the last five years - 1,335 have closed their high street operations, representing a 15.5% drop, according to finance providers Syscap. But smaller practices remain the hardest hit as changes in audit thresholds mean fewer businesses need formal audits and the squeeze on financial support from lenders has forced firms out of business. In the last 12 months, 136 accounting firms have closed on the high street, a loss of nearly 2% from 2012 figures of 6,800, attributing to the decline in firm numbers, in part due to the relaxation of audit thresholds in 2012.
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