The Big Question - FDs wary of bigger firms
Less than half of UK finance directors believe that the spate of mergers and acquisitions among large and medium-sized firms is necessarily a good thing.
In this week’s Accountancy Age/Reed Accountancy Personnel Big Question, just 15% of FDs gave a firm ‘yes’ when asked whether ever-larger accountancy firms met the needs of their organisation.
A further 23% said ‘yes’, but with reservations. But 38% gave either a conditional or a firm ‘no’ to the question.
‘The accountancy firms are able to take advantage of the economies of scale whilst attracting the best staff,’ said International Baccalaureate FD Stuart Chapman.
‘As a result of their size, the large firms are able to offer a truly international audit and accounts service.’
But others were sceptical. Some warned of a ‘monopolistic service’; some complained of the cost of the big firms.
‘They’re becoming ever larger and their clients more insignificant,’ warned Simon Coley, FD of Shire plc.