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.

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

Audit / Two thirds of FTSE 100 CFOs ex Big Four audit firms

Despite increased scrutiny, there is still an inextricable link between the boards of the FTSE 100 and the UK’s Big Four audit firms with almost two thirds of FTSE 100 CFOs and audit committee chairs being former partners or staff, according to Accountancy’s annual FTSE 100 and Big Four alumni survey

Audit / FTSE 100 audit market nears £900m in annual fee income

Despite attempts by regulators to reform the audit market, including the ongoing Competition and Markets Authority (CMA) market review, the Big Four audit firms continue to dominate the £899m listed audit market, according to Accountancy’s exclusive FTSE 100 Auditors Survey

Audit / FTSE 100 Auditors Survey 2018

Amid unprecedented political scrutiny and a second competition probe, the Big Four audit firms continue to hold a vice-like grip over the FTSE 100 audit market, now worth nearly £900m. Philip Smith provides a detailed breakdown of total audit and non-audit fees by FTSE 100 company, plus tenure lengths and year ends from our exclusive Accountancy auditors survey

Audit / FRC to consider ban on consultancy work for audit clients

The Financial Reporting Council (FRC) is considering a potential ban on audit firms doing any consulting work for the bodies they audit as part of the regulator’s new strategic focus designed to ensure audit better serves the public interest

Audit / AQIs 2018: how the major accounting firms performed in annual audit inspections

A summary of FRC's latest AQI reports includes, Big Four firms undermine value of audit, KPMG comes under fire over ‘unacceptable’ audit quality, Deloitte pulled up over component auditor work, EY bank audits criticised as score drops

Audit / AQI 2018: EY bank audits under fire as AQI score falls

The FRC’s Audit Quality Inspection has criticised EY’s audit of provisions at its financial services clients, together with pension scheme assets and liabilities, as the firm’s percentage of audits needing improvement has jumped, reports Philip Smith
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