PracticeConsultingThe Big Question – Firms should publish own accounts

The Big Question - Firms should publish own accounts

Almost three-quarters of the UK’s finance directors believe all accountancy firms should produce a full set of annual accounts.

This week’s Big Question survey, carried out by Accountancy Age and Reed Accountancy Personnel, found that 53% of FDs thought annual accounts should definitely be produced, while 20% thought they probably should.

‘It is only right that those people who are the checkers are in a position where they can be checked,’ said Ricky Barrow, FD of plant hire and sale company Beaver 84.

His comments were echoed by David Vezey of the Institute of Advanced Motorists. ‘All accountants should be open to scrutiny, like everything else within business,’ he said.

Only 11% of FDs thought firms, which will have to produce plc-style annual reports if they opt for limited liability partnership status when it become available, should not be forced to produce their accounts annually.

Of those finance directors who favoured secrecy, typical comments were that as partnerships, accountancy firms should not be required to report.

‘Accounts are private and should not have to be divulged to all and sundry,’ one FD, who wished to remain anonymous, said.

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