Why smaller accountancy practices may offer you a better service than one of the big four!
I was recently reading a BBC news article reporting about the Competition Commissions (CC) criticism of the UK’s four biggest accountancy practices. The article is very insightful and can be found here, the CC report mainly criticises the lack of concern for shareholders’ needs. Services such as Auditing came under the most scrutiny both for a lack of thoroughness and over familiarity as auditors sought to satisfy management leading to dissatisfaction about both the relevance and extent of reporting in audited financial reports.
Companies that choose a smaller accountancy practice are more likely to receive a more personal service. An example of this is that audits probably won’t be managed by large audit teams that just work on audits day in day out but will generally be conducted by Accountants that for the rest of the time are producing accounts and providing financial control and guidance to their other clients. This means clients receive far more than just a tick box exercise. The Stafford and company team always seek to understand the meaning behind the numbers and as part of our audit reporting take the time to speak to the Managing Director and Financial Directors of a business regarding risks identified, providing advice and support that is relevant to their business.
This recent news puts the spotlight on the four biggest accountancy firms but also raises awareness of the need to assess your own accountants’ performance. Are you simply another box ticked or do you get a valuable insight into your business?