More than £1bn has been added to the combined fee income for the UK’s Top 50 accountancy firms, signifying another stunning business performance against a market in which key drivers have been lost. Fees now top £8.7bn, the hike in just 12 months equating to the revenues of a Big Four firm.

But our 2007 Top 50 survey reveals much more. It also shows that only 9.7% of partners are women, and that just 5.9% of partners are from ethnic minorities.

More arresting is the statistic that the Big Four can only boast of 3% of partners coming from ethnic minority groups. Only 13 of the 50 could tell us they had any kind of policy to deal with reducing carbon emissions.

So while this year’s survey clearly indicates that the firms have mastered the art of making money, could they claim, as leaders and innovators in business, that they have made the right progress in terms of improving ethnic and gender diversity, as well as taking the lead on the environment?

Do these things matter? We think they do. Writing in Accountancy Age last month Ashley Steel, a KPMG partner and the only openly gay board member of a Big Four firm, said that without a truly diverse workforce, firms may struggle to deliver on their commitment to quality.

Quality work relies on recruiting from the widest possible pool of talent. And that talent needs an unobstructed path to the top. Similarly, if the firms are to lead business on the environment they will have to demonstrate openly their commitment to environmental principles.

Average growth of the Top 50 firms stands at 13%, down slightly on last year’s 15.5%, but impressive all the same. The firms have addressed their business needs. For now. If they are to maintain their position as leaders of business, it is these issues they will have to address.

To have your say on our Top 50 Survey email comment@accountancyage.com