PracticeAccounting FirmsLlambias wants detailed annual accounts

Llambias wants detailed annual accounts

Douglas Llambias, chairman of The Business Exchange, says accounting firms should publish full annual accounts, including details of the fees earned from their five biggest clients.

Writing in the latest issue of Accountancy Age Llambias, who is also a ICAEW council member, said the accounts should also disclose all clients who contribute more than 5% of fees earned.

Llambias made these suggestions as part of a wider response to produce a more transparent and better regulated profession in the wake of Enron and the collapse of Andersen.

‘Audit partners should be prohibited for at least one year from taking up senior appointments at audit clients. They should also be prohibited from supplying internal audit services for a client they audit,’ he also suggested.

Peter Wyman, incoming ICAEW president, said every suggestion about improving the profession would considered by the relevant staff and institute committee.

Related Articles

Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

3d Karen Baxter, Lewis Silkin
Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

4w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin