PracticeAccounting FirmsKPMG to publish detailed annual accounts

KPMG to publish detailed annual accounts

The move is designed to help restore confidence in the beleaguered profession which has taken a battering since the collapse of Enron, the disintegration of Andersen and the firm's conviction last Saturday for obstruction of justice.

KPMG is to publish more detailed year-end accounts and is pushing other firms to do likewise in a bid to create a more transparent profession.

KPMG and Ernst & Young are the only two large accountancy firms to publish fully audited annual accounts. And both firms have long argued their rivals to follow suit.

Neil Lerner, head of risk management at KPMG, told Accountancy Age that when the firm publishes its accounts in September it will be looking to implement more transparency.

Lerner said: ‘If we gave perhaps the percentage of fees our top five clients account for, if we explained better our partner remuneration policies for example; all of these things would help.

‘If changes are to be made we’re keen to implement them but only the real changes,’ he added.

He urged the other large firms to publish their accounts in detail.

The profession is facing a double-edge sword at present with pressure bearing down on it over perceived conflicts of interest as well as the ‘real issues’ that need addressing.

PricewaterhouseCoopers is due to publish audited accounts from 2003 following its decision to become a limited liability partnership this year. Deloitte & Touche is also reviewing its status with a view to becoming a limited liability partnership.

A MORI Poll this year revealed that 93% of directors of top businesses, banks and investment companies believed accountancy firms should publish the equivalent of an annual report.

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