philsmithmedia
@philsmithmedia
Editorial and content advice for professional services
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Finance takes the fast lane
Finance takes the fast lane
Mercedes Formula One CFO Russell Braithwaite FCCA explains that the champion brand is fuelled by its passion to build financial sustainability, Philip Smith reports
As CFO of arguably one of the greatest Formula One racing teams of all time, Russell Braithwaite FCCA is enjoying life in the financial driving seat but believes there is more to come from the Mercedes-AMG Petronas Formula One Team…
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Top 75 Firms Survey 2020: fee income hits record £17.7bn as profits falter
Top 75 Firms Survey 2020: fee income hits record £17.7bn as profits falter
Total revenue for the Top 75 accounting firms hit a record £17.7bn in 2020 as firms managed to weather the first few months of the first lockdown without reporting a hit to fee income as growth rates exceeded 5%, but profit figures were down. Philip Smith analyses the results
2020 has proved to be a financial year of two halves for the UK’s Top 75 accountancy firms. And those two halves have…
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Big Four Alumni Survey: Big Four influencers at FTSE 100
Big Four Alumni Survey: Big Four influencers at FTSE 100
The power and influence of the Big Four accountancy firms is clear to see at the higher echelons of the FTSE 100. Philip Smith analyses the alumni currently holding top jobs across the UK’s largest companies
Is the grip of the Big Four’s hold over the audit committees of the UK’s largest companies tightening despite increased scrutiny around governance and independence? According to exclusive…
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FTSE 100: audit fees hit record levels
FTSE 100: audit fees hit record levels
As the impact of intense regulatory scrutiny and audit automation escalates, the UK’s top 100 listed companies saw an 8% hike in annual audit fees to hit £726m, amid an increasing lack of competition due to Big Four dominance, Philip Smith reports
The UK’s top 100 listed companies have collectively paid more than £726m to have their accounts audited by one of the Big Four accountancy…
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BAME 2020: one in 250 partners is black at top eight accountancy firms
BAME 2020: one in 250 partners is black at top eight accountancy firms
Accountancy Daily’s survey of ethnic diversity within the UK accountancy profession shows there are only 17 black partners in the top eight firms despite signs of increasing black, Asian and minority ethnic representation among staff
The survey, BAME 2020, reveals that there are currently only 17 black partners among the top eight accountancy firms (ranked by fee income) of PwC, Deloitte, EY,…
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FTSE 250: firms in fees bonanza amid regulatory scrutiny
FTSE 250: firms in fees bonanza amid regulatory scrutiny
The long-expected hike in audit fees has finally come to pass, with FTSE 250 companies now paying on average 14% more this year to their auditors than last year, while challenger firms are beginning to make inroads, reports Philip Smith
Companies in the FTSE 250 index, the second tier of the UK’s largest listed companies, collective now pay more than £230m to have their financial reports…
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Auditing complex global entities requires year-round planning and consistency
Presenting a clear, understandable picture of the financial situation of a massive global entity demands year-round planning and a consistent approach, writes Philip Smith
Recent lapses in the audits of certain multinational groups could be attributable to the complicated nature of companies’ subsidiary structures. At a time of increasing regulatory focus on the role of auditors around the…
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Interview: Stefan Gamble FCCA, chief executive of Walsall FC
After spending most of his working life at Walsall FC, its CEO and local boy made good Stefan Gamble FCCA has made a success of boosting revenues, writes Philip Smith
Football’s a funny old game. Nothing can stir the passions as much as a good run in the World Cup or the European championships or, closer to home, lifting the FA Cup at Wembley. Just an appearance at Wembley will do.
This…
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Accountancy firms activate agile working as office premises close
In the face of the covid-19 crisis, accountancy firms have been forced to overhaul their entire working practices, adopt firm-wide home working, cancel face-to-face client meetings and work 24/7 to support their clients. Philip Smith reports on how they are coping
As the order went out for all those that could work remotely to do so, accountancy firms put into practice long-standing business…
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Top 75 Firms survey 2020: record profits as partner numbers cut
Revenue at the UK’s top accounting firms is on a growth trajectory with 7% growth as income exceeds £16.8bn but stronger profitability and rising staff numbers has resulted in a decline in partner numbers as the fee to partner ratio has risen, reports Philip Smith
Amid economic uncertainty, the dark cloud of accounting scandals and calls to reform the audit market, the UK’s largest accounting…
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Family owned businesses hit by slashed entrepreneurs’ relief
The virtual abolition of entrepreneurs’ relief in Budget 2020 came as a blow to family owned businesses as the tax break is cut to £1m with immediate effect. Philip Smith assesses the fallout
The Chancellor needed a few more billion pounds to help sanitise his coronavirus spending strategy and entrepreneurs’ relief was an easy target. But does it make commercial sense to slash the relief?
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Top 75 Firms trainee survey 2020: contracting numbers
Top 75 Firms trainee survey 2020: contracting numbers
High demand for training places at the leading accounting firms belies the fact that trainee numbers are down. Philip Smith analyses hiring trends, the use of apprenticeships and attempts to improve diversity across the profession
Despite an insatiable demand for trainee positions at the UK’s top accountancy firms, the number of student accountants currently doing their training has plateaued…
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Accountancy networks target African growth
Accountancy networks target African growth
With 4% GDP growth forecast this year, Africa is the world’s fastest-growing region outside Asia, and international accountancy networks are responding accordingly, reports Philip Smith
The global accountancy networks believe that Africa currently offers one of the best opportunities for growth, as their international clients seek to benefit from thriving national economies on the continent.
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The accountant who sold the world David Bowie
The accountant who sold the world David Bowie
Who knew that the man who first signed a little-know David Bowie was a London chartered accountant, who also looked after the Rolling Stones’ money, lost the key to Led Zeppelin’s cash safe and once threw Rod Stewart out of his office?
By Philip Smith
Hunky Dory, Laurence Myers
Laurence Myers FCA has now published his memoires, setting down for the first time what he can best remember…
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FTSE 100 Auditors Survey 2019
FTSE 100 Auditors Survey 2019
Big Four firms now have total domination of the FTSE 100 audit market as mid-tier presence is squeezed out of the market. Philip Smith analyses the £700m plus audit market, highlighting the risk of substantial audit fee price rises after year-one audit wins and the impact of second-cycle audit tendering on competition
As the FTSE 100 market shares of the Big Four audit firms reach a form of…
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Big Four Alumni Survey: questions of conflict at FTSE 100
Big Four Alumni Survey: questions of conflict at FTSE 100
As the Big Four audit firms come under continuing criticism over client conflict and lack of robust interrogation of client boards, the annual Accountancy Daily FTSE 100 Alumni Survey finds widespread representation by Big Four alumni at the highest levels of UK listed companies. Philip Smith reports
Six out of 10 FTSE 100 audit committees are chaired by a non-executive director with a direct…
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Big Four alumni at FRC: who’s running the audit regulator?
Big Four alumni at FRC: who’s running the audit regulator?
The Financial Reporting Council is set for a complete overhaul this year and heavy criticism of the regulator has seen a purge of top management with fewer Big Four alumni in key positions, writes Philip Smith
Heavily criticised audit regulator, the Financial Reporting Council (FRC), has made progress in reducing the number of Big Four alumni on its board and various committees over the past…
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