Hermes and Morley Fund Management claims that the cost of audit does not
reflect the risks, and called for an increase in fees despite a 22% hike in
FTSE100 audit fees this year.
The Daily Telegraph reports that the fund manager is keen to raise
fees in order to attract mid-tier firms such as Grant Thornton and BDO into the
marketplace for big audits.
‘The infrastructure now needed to conduct a large audit is substantial,’ Glyn
Barker, PwC’s UK head of assurance, was quoted as saying. ‘Audits would need to
become significantly more profitable before mid-tier firms were encouraged to
make the investment necessary for them to take FTSE250 market share from the Big
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned