EXCESSIVE fees are restricting the ability of mid-tier accounting firms to audit AIM-listed companies, a poll of Accountancy Age readers has found.
Mid-tier firms have hit out at what they believe are restrictive and prohibitive financial hurdles to entering the listed audit market, including excessive institute fees based on an “unfair matrix” that favours very large and very small firms but “disproportionately” penalises the mid-tier.
A poll of 43 Accountancy Age readers found that 81% felt the ICAEW’s current fee structure means undertaking audit work is simply not worth it. A further 11% said the fees were restrictive but that other financial hurdles were equally as important.
In response to the groundswell of opinion voiced over the fee structure for listed audits, Vernon Soare, ICAEW’s executive director of professional standards, said: “Our regulatory fee structure is something that we keep under regular review. We need to ensure that we are able to meet our regulatory responsibilities as a Recognised Supervisory Body under the Companies Act while being alive to the commercial pressures and constraints of our members.”
Take part in the current poll: Which of Jeremy Corbyn’s economic and tax policies have the most merit?
Engineering and technology executives have voiced concerns over the government’s industrial strategy and the need to fill the R&D funding and long-term investment gap in a post-Brexit Britain
An improved internal audit code is "vital' to developing the City's risk management, former shadow chancellor Ed Balls has said
Internal auditors are earn more than external consulting auditors, analysis by salary-bench marking site Emolument.com has found
ICAS and the FRC have called for action to prevent a potential audit skills gap in the future, with the launch of a new report