Top 50 - Call for clarity on fee income
Finance directors have called for accountancy firms to be less secretive about fee income in advance of publication of Accountancy Age’s annual top 50 league table later this month.
The calls for greater transparency also highlight the need for publicly available breakdowns of income between audit and consulting work, information which FDs say is vital when deciding which accountancy firm to use.
Neil Chisman, FD of Wembley plc, said FDs needed to see a detailed breakdown of a firm’s consultancy income before signing a contract.
‘You need to back up claims that consultants make,’ he said.
The call for more objective financial reporting endorses Accountancy Age’s independent league table, which ranks firms according to annual fee income.
It will also reveal a firm’s proportion of income from tax and insolvency.
With the deadline for data falling tomorrow, more Group A firms than ever have submitted fee figures.
Alistair Summers, FD of shirt company the Savile Row Company, said: ‘I’m a great believer in transparency. It helps the decision-making process.’