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ROBERT BRUCE Is there an upside to big audit work? It used to be that word would get about. A company, or its chairman, would be straying from the straight and narrow, usually because of the outsize ego at its helm. The audit firms would, unofficially and very discreetly, get together and swap notes. Auditors would stay in place, but a metaphorical red flag would have been raised in people’s minds. Always dangerous, but self-policing had a place in the audit world. Reputations could come and go if things went badly wrong. And that applied equally to auditor and auditee. Just as a balance sheet balanced so did the way in which people went about their business. And if things got dangerously out of kilter there was always the implicit threat that the auditor might abandon ship. These days greater regulation and damaging publicity long after any horse has bolted produce unintended consequences, as you might expect. Two trends are now plain. The first is partners deciding that, contrary to the hopes of the regulators, they don’t reckon it is worth powering their firm onwards and upwards into high-profile work. The regulators may wish to expand the number of firms at the top end of the market. The firms now just see the downside. And the second is that much as they used to in the days of unofficial word about client consequences firms simply don’t take up the work. Or as one senior American accountant put it the other day, they “are challenged to get people to want to do the work”. Robert Br uce is an aw ard-winnin g wri ter on accountan cy for The Times
Spring into Deloitte More undergraduates will benefit from Deloitte’s three work experience programmes in 2024. The ‘Spring into Deloitte’ internship programme, the Summer Vacation Scheme and the Industrial Placement programmes will now provide over 1,000 opportunities for students to gain valuable insights and hands-on experience in the world of professional services. Deloitte has doubled the size of its Spring into Deloitte programme for undergraduates who are in the first and second years of study. The programme, now in its tenth year, will welcome 400 people in March and April 2024. Those who
complete Spring into Deloitte could be offered a further opportunity on the Summer Vacation Scheme in their penultimate year. Nearly 500 opportunities are also now open for undergraduate
Win an AAT scholarship We still have four AAT scholarships on offer for students who want to get qualified. PQ magazine and e-Careers are fighting back against the cost-of-living crisis with our scholarship offer that pays for your study for a whole level. So far, Jack Hancock and Khatra Ali have received their scholarships. To be considered all you need
to do is tell us why you think you should be given the free scholarship. Send your entry to
students in their penultimate year of study to apply for Deloitte’s four- to six-week Summer Vacation Scheme. Students will get handson experience working with clients and projects through a structured programme of learning, and potentially gain a place on Deloitte’s graduate programme. Places are also open to over 100 students who are required to complete a work experience placement as part of their university degree on Deloitte’s 12-month Industrial Placement programme. Students will train and work alongside the firm’s first-year graduate intake. scholarships@e-careers.com, with your full name and the level you want to study. Once entered you will be kept in the draw for all the available scholarships left, so if you don’t win it the first time there are still other chances. PQ magazine editor Graham Hambly is on the judging panel which helps to award the scholarships. Remember to enter by 20th of this month for the chance to win a full-funded AAT course.
The Accountant’s Odyssey The line-up for seventh annual online conference with London South Bank University is complete. We have two Lords ‘a leaping’ in the form of Lord Bilimoria and Lord Sikka as our keynote speakers in the morning and afternoon sessions. Professor Richard Murphy and Professor Carol Adams will also be on hand
to discuss accountancy education and sustainability reporting. In-between we will be looking at ChatGPT, the future of finance and Making Tax Digital. It promises to be a fantastic day and it all happens on Wednesday 21 February. To sign up for your free place go to http://tinyurl.com/5yt2jkek. A big thank-you goes to our
supporters – AAT, ACCA, AICPACIMA and Rogo.
In brief You have to love audit! Many people dismiss audit as boring but Vivek Jain (pictured) says audit is ‘cool’! He admits he may be biased because his dad was an auditor, his sister is an auditor and he is married to an auditor! Jain is the head of internal at Lloyds Bank Group and was speaking at one of the awardwinning seminar series produced by Queen Mary University of London and PQ magazine last year. In the past 25 years he says he 6
and learn something new. You are actually paid to learn things and ask questions.” You can check out The Future of Audit seminar at http://tinyurl.com/2jswcth2
has never repeated the audits he has done. He explained: “Every couple of months you get new things to do, talk to new people
BDO revenues up 16% BDO has posted a 16% increase in revenues to £935m for the FY2022/23, with significant growth across all three of its service lines of audit, tax and advisory. During the year, BDO took on
a further 500 new people across the UK, building the business to nearly 7,500 people in 17 regional offices. The firm recruited 650 school leavers and graduates in the financial year and entered into a new partnership with Teach First to help improve social mobility. BDO operating profits grew 5% to £198m. Average profit per equity partner (PEP) was down 6% to £609,000, reflecting on both additional investments and increased partner numbers. PQ Magazine February 2024
