PracticeConsultingFD Survey – Auditors and their performance

FD Survey - Auditors and their performance

The survey of FTSE 100 annual reports conducted by Financial Director, Accountancy Age's sister magazine, confirms the Big Five's dominance and also reveals that more than half the firms still fail to meet the Accounting Standards Board recommendation for auditors to sign of preliminary results within 60 days

BIG FIVE (PLUS TWO)

Auditors Clients (own+shared) Audit fees % change Non-audit fees Total fees
PricewaterhouseCoopers 45+4 #87.7m +5.0% #133.6m #221.2m
Coopers & Lybrand 25+2 #51.4m -2.5% #64.6m #116.0m
Price Waterhouse 19+3 #35.6m +5.0% #65.0m #100.6m
KPMG 21+2 #53.7m -4.9% #80.1m #133.8m
Ernst & Young 15 #22.0m +11.5% #30.7m #52.7m
Deloitte & Touche 8 #7.8m -7.7% #14.4m #22.2m
Arthur Andersen 6 #7.4m -3.9% #7.1m #14.5m
Kidsons Impey 0+1 #1.7m +2.9% #0.2m #1.9m
Horwath Clark Whitehill 0+1 #0.7m +7.7% #0.6m #1.2m
Total> #180.9m -3.0% #266.6m #447.5m

FASTEST AND SLOWEST AUDITS

Company Year-end to sign-off Auditor
Scottish Power 36 days C& L
British Petroleum 41 days E&Y
Cable & Wireless 42 days KPMG
Imp Chem Ind 42 days KPMG
Lloyds-TSB 43 days PW
Reuters Group 44 days PW
BSkyB 45 days AA
Kingfisher 45 days C&L
Barclays Bank 47 days PW
British Energy 48 days PW
Marks & Spencer 48 days C&L
Woolwich 48 days KPMG
average 64 days
Wolseley 82 days PW
Penninsular & Oriental 83 days KPMG
Great Univ Stores 84 days C&L
Blue Circle 86 days E&Y
Tomkins 87 days AA
Allied-Domecq 88 days KPMG
GEC 92 days D&T
Sun Life & Provincial 93 days PW
Nycomed Amersham 96 days C&L
Carlton 106 days C&L
RMC Group 107 days C&L, KI

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