Big Four audit firms have earned more than £10m from the audit work they have
carried out for Scotland’s top-quoted companies over the last financial year.
According to the Herald, the average rise in audit fees per company, when
excluding the Royal Bank of Scotland due to it disproportionately large size,
Only four of the 23 Scots plcs valued at more than £200m avoided a major
audit fee increase compared to last year.
The transition to international financial reporting standards was one of the
main reasons for the rise in audit bill as well as the tough new reporting rules
brought in under the Sarbanes-Oxley Act, which apply to all foreign companies
listed in the US.
One such company subject to both international rules and US rules was the RBoS.
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process