The 2020 edition of the Financial Reporting Council’s Key Facts and Trends in the Accountancy Profession contained a number of interesting points which I discussed with Business Money today. Including the fact that the Big Four’s fees for non-audit work for audited entities declined by 20.8% in 2019.
There is a huge amount of heightened scrutiny on auditing services, especially of the Big Four, looking at the overall quality of the audit, the role auditors play in terms of legislation and their public perception, and the independence of auditing services.
Clients should minimise the use of their auditors for non-audit consulting services as much as possible. This will reduce actual conflicts of interest, reduce perceived conflicts of interest and increase public confidence both into auditing firms and their clients.
Click here to read the article: Big Fours Fee for Non-Audit Work at Audit Clients Declined by a Fifth Last Year