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 / £3.5bn of dividends slashed off FTSE 100

A growing number of listed companies are taking an axe to their dividends for the latest financial year amid a dash to shore up balance sheets, reports Philip Smith

Audit / Covid-19: FTSE audit tenders face delays, partner engagements extended

The length of time an audit partner can remain in position without rotating off the client company can be extended on a temporary basis due to the ongoing covid-19 crisis, the Financial Reporting Council (FRC) has confirmed, while it is calling for a halt on company audit tender processes, reports Philip Smith 

Tax / Covid-19: warning on scammers and abuse of government schemes

The government's quick response to the covid-19 crisis could also be a drawback as ‘policies are going to be rough around the edges’ and possibly left open to exploitation by scammers and unscrupulous advisers and accountants

Audit / Covid-19: FRC considers delay to audit quality inspections

The Financial Reporting Council (FRC) is closely monitoring the impact of covid-19 on audit quality inspections (AQI) as the US regulator suspends review work for 45 days, reports Philip Smith

Accounting / Covid-19: companies risk breaching banking covenants

Amid a deluge of profit warnings and slashed dividends, UK corporates face breaking banking covenants as they struggle to deal with the impact of covid-19, reports Philip Smith

Insight / Accountancy firms activate agile working as office premises close

In the face of the covid-19 crisis, accountancy firms have been forced to overhaul their entire working practices, adopt firm-wide home working, cancel face-to-face client meetings and work 24/7 to support their clients. Philip Smith reports on how they are coping

Tax / Family owned businesses hit by slashed entrepreneurs’ relief

The virtual abolition of entrepreneurs’ relief in Budget 2020 came as a blow to family owned businesses as the tax break is cut to £1m with immediate effect. Philip Smith assesses the fallout 

Insight / Top 75 Firms trainees: how salary packages stack up

As part of the exclusive Accountancy Daily Top 75 Firms trainees survey, Philip Smith analyses the driving factors shaping the recruitment market for trainees, part qualifieds and newly qualifieds based on Hays data with salaries split by qualification and geographic location 

Insight / Top 75 Firms trainee survey 2020: contracting numbers

High demand for training places at the leading accounting firms belies the fact that trainee numbers are down. Philip Smith analyses hiring trends, the use of apprenticeships and attempts to improve diversity across the profession

Insight / Top 75 Firms survey 2020: record profits as partner numbers cut

Revenue at the UK’s top accounting firms is on a growth trajectory with 7% growth as income exceeds £16.8bn but stronger profitability and rising staff numbers has resulted in a decline in partner numbers as the fee to partner ratio has risen, reports Philip Smith

Insight / Top 25 accounting firms in 2010: where are they now?

A decade since the financial crash, the top 25 accountancy firms look rather different to their pre-2009 counterparts, except for the ever expanding Big Four. Philip Smith assesses the cataclysmic changes of the last 10 years, with revenue comparisons 

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

The Financial Reporting Council is set for a complete overhaul this year and heavy criticism of the regulator has seen a purge of top management with fewer Big Four alumni in key positions

Insight / Big Four Alumni Survey: questions of conflict at FTSE 100

As the Big Four audit firms come under continuing criticism over client conflict and lack of robust interrogation of client boards, the annual Accountancy Daily FTSE 100 Alumni Survey finds widespread representation by Big Four alumni at the highest levels of UK listed companies. Philip Smith reports

Audit / FTSE 100 Auditors Survey 2019

Big Four firms now have total domination of the FTSE 100 audit market as mid-tier presence is squeezed out of the market. Philip Smith analyses the £700m plus audit market, highlighting the risk of substantial audit fee price rises after year-one audit wins and the impact of second-cycle audit tendering on competition

Insight / Called to account: October 2019

In this month’s scandals, convictions and penalties, an accountant is jailed for a £140,000 fraud at a family engineering business, two Glaswegian restaurateurs banned over VAT scam, father and son sentenced in horse-box tax fraud and a foreign exchange business given a record fine for anti-money laundering rules breach
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