EDINBURGH-BASED firm Chiene Tait has resigned as auditors, in what its client has described as the accountant’s decision to pull out of the listed company audit market.

In a statement to the London Stock Exchange, investment business Value and Income Trust said that its auditors had resigned. “The firm has advised that it has taken the strategic decision to pull out of the audit of listed companies,” said Value and Income Trust in the statement. It is now seeking a replacement auditor.

The audit market is becoming an increasingly difficult one for smaller firms, with audit thresholds likely to rise again – taking more clients out of the requirement for a statutory audit.

The firm is noted in the ARL Corporate Advisers Rankings Guide as having two small cap/fledgling listed audit clients, with a combined market cap of £363m.

Chiene Tait celebrated its 125th anniversary in 2010. The eight-partner firm is ranked 80 in the Accountancy Age Top 50 +50 list, with £6m in revenues. Chiene Tait was unavailable for comment.