However, the move is only a voluntary request and comes as part of the Final Report from the Co-ordinating Group on Audit and Accounting Issues delivered by the trade secretary in the House of Commons today.
But Patricia Hewitt warned audit firms that if they do not respond well to the request, the demand could be put on a statutory footing making annual reports a legal requirement.
In all Hewitt said the government was largely happy with the way audit firms and professional bodies have reacted to the challenges presented by the catastrophic collapse of Enron and WorldCom.
Currently only KPMG and Ernst & Young have issued annual reports though PricewaterhouseCoopers and Deloittes will follow suit soon.
In the mid-tier very few firms publish annual reports with the notable exception of PKF.
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton