BP’s extraordinary $238m (£136m) payout to accountancy firms this year is
unlikely to be repeated.
The UK’s largest company by market capitalisation said the high fees related
to three different factors. IFRS and Sarbanes-Oxley had been key, but the stated
figures reflected exchange rate anomalies too.
‘I wouldn’t expect payments to firms to cost as much next year,’ a
The company disclosed last week in its annual report that auditors Ernst
& Young in the UK had earned $40m, $27m of it for audit and audit related
services, and $13m for other services. Worldwide, E&Y’s total earnings from
BP were $87m, an increase of 11.5%.
BP also revealed it paid other major firms a total of $151m, an increase of
84% on 2004.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.