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Auditors toast lucrative new rules

Auditors toast lucrative new rules

by Rick Turoczy on June 30, 2006

The strong growth in accountancy income is a turnaround from just three years ago, when the top 60 firms were reporting flat fee income. Accountancy editor Chris Quick attributed the rise to the increased workload created by the US Sarbanes-Oxley Act and the International Financial Reporting Standards (IFRS) in Europe.

“Partners of accountancy firms will be toasting a mixed bag for their success,” Mr Quick said. “Messrs Sarbanes and Oxley for their lucrative legislation, Brussels bureaucrats for introducing IFRS, and of course former Enron chiefs Jeffrey Skilling and Ken Lay for starting the crisis that led to such a regulatory backlash.”

The growth in firm income is trickling down to partners, whose earnings were up 13pc in 2005. Average fees per partner has now reached £839,000.

Auditors toast lucrative new rules

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