Mercedes Formula One CFO Russell Braithwaite FCCA explains that the champion brand is fuelled by its passion to build financial sustainability, Philip Smith reports

As CFO of arguably one of the greatest Formula One racing teams of all time, Russell Braithwaite FCCA is enjoying life in the financial driving seat but believes there is more to come from the Mercedes-AMG Petronas Formula One Team on the track ahead.

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Total revenue for the Top 75 accounting firms hit a record £17.7bn in 2020 as firms managed to weather the first few months of the first lockdown without reporting a hit to fee income as growth rates exceeded 5%, but profit figures were down. Philip Smith analyses the results

2020 has proved to be a financial year of two halves for the UK’s Top 75 accountancy firms. And those two halves have been far from equal as the firms grappled with the unfolding pandemic – a health and economic crisis without precedent.

This article was first published on Accountancy Daily. To read the full article, click here (paywall)

The power and influence of the Big Four accountancy firms is clear to see at the higher echelons of the FTSE 100. Philip Smith analyses the alumni currently holding top jobs across the UK’s largest companies

Is the grip of the Big Four’s hold over the audit committees of the UK’s largest companies tightening despite increased scrutiny around governance and independence? According to exclusive research by Accountancy Daily, the number of audit committee chairs who are alumni of the Big Four accountancy firms has now hit 66, an increase of four on the previous year’s figures.

This article was first published on Accountancy Daily. To read the full article, click here (paywall).

As the impact of intense regulatory scrutiny and audit automation escalates, the UK’s top 100 listed companies saw an 8% hike in annual audit fees to hit £726m, amid an increasing lack of competition due to Big Four dominance, Philip Smith reports

The UK’s top 100 listed companies have collectively paid more than £726m to have their accounts audited by one of the Big Four accountancy firms.

That is an 8% increase on the amount they paid in the previous year (£674m).

This article was first published on Accountancy Daily. To read the full article, click here (paywall)

Accountancy Daily’s survey of ethnic diversity within the UK accountancy profession shows there are only 17 black partners in the top eight firms despite signs of increasing black, Asian and minority ethnic representation among staff

The survey, BAME 2020, reveals that there are currently only 17 black partners among the top eight accountancy firms (ranked by fee income) of PwC, Deloitte, EY, BDO, Grant Thornton, RSM and Mazars. However, this is an improvement on Accountancy Daily’s last survey, carried out in 2018, which showed there were 12 black partners, an average of one and a half per firm.

This article was first published on Accountancy Daily. To read the full article, click here (paywall).

The long-expected hike in audit fees has finally come to pass, with FTSE 250 companies now paying on average 14% more this year to their auditors than last year, while challenger firms are beginning to make inroads, reports Philip Smith

Companies in the FTSE 250 index, the second tier of the UK’s largest listed companies, collective now pay more than £230m to have their financial reports audited. These same companies paid just under £203m 12 months ago, 14% less than today’s figures. It is an increase that has been predicted, and called for, by auditors (and indeed regulators) for some time, as the arguments over audit market competition and quality have raged at government and regulator level.

This article was first published on Accountancy Daily. To read the full article, click here (paywall).