PracticeAccounting FirmsFirms’ training costs on the rise

Firms' training costs on the rise

New legislation governing accounting and auditing, and a more sophisticated, demanding client base are pushing up training costs at accountancy firms.

Link: Staff refuse to tolerate glass ceiling at work

The Sarbanes-Oxley Act, passed in the US in 2002 following the corporate scandals of Enron and WorldCom, coupled with the introduction of international accounting standards in Europe, are all contributing to increased training for accountants from graduate level upwards.

ACCA, which recently completed a study of 500 firms around the world, said that more than half the industry has increased the emphasis on training and development.

Most of the UK’s accountancy institutes have, over recent years, introduced requirements for members to carry out continuous professional development as a prerequisite to retaining their qualification.

KPMG said it invests 50% more man hours on training its staff than it did five years ago, while Ernst & Young said it has spent 400,000 man hours this year alone on training and education on section 404 of the Sarbanes-Oxley Act, The Times reported.

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

3d Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

4d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

2w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

3w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

3w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

3w Emma Smith, Managing Editor