In Malaysia, all companies are required to have their accounts audited. However, the application of thismandatory requirement on small companies is currently under review, and the issue is whether audit firmscould survive should voluntary audit be implemented. Salleh et al. (2008) surveyed the perception of smallaudit firms on this issue. Most of the respondents perceived that the benefits derived from statutory auditoutweighed its costs, and thus, mandatory audit should be retained. Nonetheless, the views of other stakeholdersof statutory audits are also pertinent. This paper reviews the previous research on the issue of voluntary auditin Malaysia and other countries, some of which surveyed the perceptions of the directors and managementof small companies. These studies revealed that companies which perceived that they would benefit fromthe audit would continue to have their accounts audited. Thus, clients of audit firms which produced qualityaudit work might continue to have their accounts audited, and such audit firms, immaterial of their sizes, couldsurvive even if audits for small companies were made voluntary.