Research carried out by Accountancy Age’s sister title,
Financial Director, shows that BDO now audits seven companies in the
FTSE 100 and FTSE 250.
But the mid-tier challenge to the Big Four dominance of major audits has
otherwise faded. Brit Insurance dropped Mazars for Ernst & Young; Group 4
Securicor switched from Baker Tilly to KPMG; and iSoft dropped Robson Rhodes,
leaving the FTSE 250 index at the same time.
BDO’s seven audits mean the mid-tier now accounts for just over 2% of the
companies in the survey.
The falling away of the mid-tier comes at a time when regulators are doing
their best to encourage them to compete for more high-profile work, as the
competitiveness of the audit market comes under government scrutiny.
The research leaves out investment trusts, some of which do still have
BDO made £6.7m in audit fees from its activities, £5.2m of which came from
its lone FTSE 100 client Partygaming. Its other audits are Countrywide, 888
Holdings, Derwent Valley Holdings Restaurant Group, RPS Group and SCI
Audit fees for FTSE 100 clients are up by 14% on last year, according to the
survey, with FTSE 250 audits up by 5%.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation