Philip Smith

Philip Smith

Philip Smith is contributing editor at Accountancy Daily and a freelance journalist specialising in accountancy and tax matters. He is a regular contributor to Accountancy, providing indepth analysis and research on FTSE audits and accounting practices. Before embarking on a freelance career he worked as a senior media relations manager for EY and KPMG.

Insight / Big Four win London mayor’s Good Work Standard award

The accounting giants are among the first organisations to achieve a new benchmark for high employment standards, highlighting fair pay, wellbeing and diversity, despite concerns raised over bullying

Audit / Audit updates: July 2019

In this month’s audit updates, fines for PwC over Redcentric, KPMG refuses to retender $2.2m Cineworld audit, ICAEW finds one in four audits sub-standard, Gama Aviation ditches Grant Thornton and the Financial Reporting Council gets a new head of audit inspections on loan from the Bank of England

Tax / Higher rate tax relief for charity donations hits £520m

Wealthy donors gave the largest share to charity as they gain the most from tax relief with the latest HMRC figures showing that charity tax relief jumped to £3.8bn

Audit / AJ Bell drops KPMG auditors for BDO

FTSE 250 investment manager AJ Bell appoints BDO as its new auditor for 2020, replacing KPMG after 10 years

Insight / MHA Moore and Smalley reports 7% revenue growth to £17.7m

Digital services and cross-border tax help drive fee growth at North West firm as it plans further expansion in bid to break in to top 40 firms

Audit / Cineworld drops KPMG after 15 years as auditor

International cinema giant Cineworld replaces KPMG with PwC after Big Four firm refuses to bid in new audit tender, reports Philip Smith

Audit / EXCLUSIVE: FTSE 250 audit fees exceed £200m for first time

Amid falling quality and a lack of competition, audit fees for FTSE 250 companies increased 6% in the last year, hitting £203.6m, in a market dominated by the Big Four audit firms, according to exclusive research by Accountancy Daily

Audit / FTSE 250 Auditors Survey 2019

In the exclusive Accountancy Daily survey of the FTSE 250, the stranglehold of the Big Four auditors on the £274m audit market highlights a complete failure to create a competitive audit market, with mid-tier firms standing on the sidelines, failing to grasp more than a handful of opportunities. Philip Smith analyses current audit fees, non-audit services and tender activity, assessing whether the market can be reformed 

Insight / Porsche loving ringleader of £300k tax fraud trio jailed

The Nottingham ringleader of a trio of fraudsters, who used a network of companies and false identities to steal nearly £305,000 through VAT, income tax and tax credit frauds to pay for Porsche sports cars and rent a four-bedroom house, has been jailed for four years

Insight / Payment scam victims protected under voluntary bank code

Victims of Authorised Push Payment (APP) scams are now more likely to get their money back following the launch of a new banking industry code, amid warnings that banks are being slow to use technology in the fight against financial crime

Insight / Top 75 Firms trainee survey 2019: contracts, qualifications and prospects

The number of trainee applications may be strong with a record 19,887 trainee but the Top 75 accounting firms are tightening their belts when it comes to investment in training contracts in the longer term, reports Philip Smith

Insight / Top 75 Firms trainee survey 2019: the trainee perspective

Securing a training contract at one of the Top 75 Firms is a catalyst for aspiring accountants to launch a career in tax, audit and accounting but does the profession still have the draw it used to have. Philip Smith talks to a selection of trainees about their career aspirations, expectations and training experiences

Insight / Top 75 Firms survey 2019: record revenue despite heightened scrutiny

After a difficult year for the dominant Big Four accounting firms, harsh criticism of audit quality and market concentration, not to mention the launch of a number of hard-hitting reviews into the audit sector, revenue in Accountancy's Top 75 Firms Survey 2019 has soared to a record £15.75bn across the leading UK firms with staff hires rising. Philip Smith analyses current trends, financial performance and the future outlook

Audit / FTSE 100 and Big Four alumni survey 2018: who are the real power brokers?

Increasing focus on the quality of audit in the UK means that the Big Four audit firms are under severe pressure with threats of breakup and radical reform. In our exclusive annual FTSE 100 Big Four Alumni survey, Philip Smith analyses the inextricable link between UK boards and the top audit firms

Insight / Big Four alumni: who’s working at the audit regulator?

As Big Four audit firms come under increasing pressure amid concerns about market dominance and conflicts of interest, Philip Smith asks how independent the Financial Reporting Council is as the regulator
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