| Accountancy firms see 9.9 per cent fee income surge in 2014-2015 |
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Ireland's Top 20 accountancy firms enjoyed a second year of strong growth in 2014-2015, with the combined fee income of the top 20 growing by 9.9 per cent to €1,353.1 million, according to the latest annual Finance Dublin Survey of Ireland's largest accountancy firms.
This is up on the previous year's increase of 9.3 per cent, and restores the aggregate fee income of the 20 firms surveyed to pre crisis levels. The previous high was €1,265m in 2008.
This is an extension of the strong growth of the previous year's 9.3 per cent growth, which followed much more modest growth rates of 1.7 per cent in 2013 and 3.3 per cent in 2012. The growth of the past two years follows a number of difficult recessionary years, post 2008, with fee income touching its low point, (of €1,071m) in 2011.
The survey also found that productivity (income per staff member and partners) growth in the firms slowed in the past year, but this reflects a surge in new recruitment as the industry opens its doors to a new generation of staff.
The report, in the December issue of Finance Dublin also quotes the Managing Partners of the Top 20 firms on the question of Mandatory Auditor rotation for audit clients, which all EU member states are obliged to introduce. The Department of Jobs & Enterprise proposes to bring proposals to Cabinet before the end of 2015 on the issue, which may include proposals to align Ireland's practice on the matter with Ireland's main competitors in the other EU member states.
For further details of the Survey, please click here:
1. Fee Income Tables
2. Managing Partners' Forum on Auditor Rotation |
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