AA Awards 2008: Audit Team of the Year

BDO Stoy Hayward HQ

With £102m in audit fees it was BDO Stoy Hayward that convinced our judges that it should take the 2008 Audit Team of the Year Award.

Average fees per client grew by an impressive 13.7% in 2007/08, while further justification for the firm’s success came in the form of a 57% increase in fees in the FTSE 250 index.

According to the judging panel, BDO Stoy Hayward’s award comes in light of an impressive list of testimonials.

‘The firm clearly listens to clients and offers a more personalised service,’ the judges said.
The nod echoes the firm’s ‘we listen…we deliver…we grow’ philosophy to its audit business and is exemplified through the adoption of a Client Listening Programme (CLP), which measures a client’s satisfaction level.

The CLP includes face-to-face interviews by the firm’s senior partners and telephone interviews undertaken by an independent bureau. In 2007/08, more than 371 client companies were involved in the CLP.

The strength of the CLP is underpinned by the 90% of audit clients who would consider recommending BDO Stoy Hayward to other organisations. It’s also measured with a satisfaction score year-on-year, of which the rating has consistently increased over the past three years. In 2007/08, the CLP scored 7.9 out of 10.

Such a focus on client service is qualified by the partner-intensive approach adopted by the firm, with two partners for up to 16 staff.

Over the past three years, the firm’s auditing business recorded growth of £30.6m, equating to compound annual growth of 12.7%.

With 600 offices in more than 100 countries, BDO Stoy Hayward offers commercial and practical advice across areas of real estate and construction, retail, financial services, manufacturing, technology, media and telecommunications.

This is the second consecutive year BDO Stoy Hayward has been named as a finalist in the Audit Team of the Year category, missing out in 2007 to KPMG.

Passed the test

BDO Stoy Hayward’s commitment to service quality is backed by a rigorous training and development program. The professional and advanced stage exam pass rates are 7.7% above the national average.
The firm has invested in the provision of online training modules, while retaining softer skills training.

Secondments are also core to the program. This year, placements across the international network grew by 50%, comprising 39 outward and 46 inward secondments.