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.

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