MGI UK & Ireland firms comment on UK's current audit and accounting climate

Accounting experts belonging to three MGI Worldwide member firms have commented on the current audit and accounting climate in the UK in the January 2018 edition of the International Accounting Bulletin (IAB).

Simon Turner, managing partner of Seymour Taylor, Roger Isaacs, MGI deputy chairman and forensic partner at Milsted Langdon, and director at Rickard Luckin Alan Worsdale - all of whom belong to our MGI UK & Ireland region - offered their views on the current state of affairs in the industry in the publication.

Proactive commercial advice 'more in demand than ever'

Roger Isaacs told the IAB that he believes access to proactive commercial advice and meaningful assurance is more in demand than ever amid the current climate, signalling good news for MGI Worldwide member firms offering these types of services.

He believes this increased demand is partly due to the introduction of new regulations, such as the 2017 Criminal Finances Act, as well as marked growth in data volumes and growing demand for real-time KPIs to be delivered via mobile devices, among other factors.

Brexit's approach 'means spending more to attract top talent'

With ongoing Brexit negotiations creating widespread uncertainty for businesses across the country, demand for experienced accounting professionals to help firms prepare for the outcome is on the up.

Alan Worsdale explained that, while Rickard Luckin has grown its turnover by seven per cent over the last year, "around 50 per cent" of its extra fee income has been spent on salaries to attract the best talent to the firm to ensure it is as prepared as possible for Brexit - a trend many companies are likely to be experiencing at present.

'Business as usual, currently'

Yet for others, it's "business as usual, currently".

These are the words of Simon Turner, who explained to the IAB: "If anything, we have clients who want to push ahead, perhaps making decisions earlier about business or retirement, as they have concerns about a change of government, which they feel might not be beneficial to them."

Network relationships 'more important than ever'

With all of the above in mind, it is arguably more important than ever for accounting firms to belong to a network where they can access expertise on various financial matters from all over the world. That's what MGI Worldwide provides - access to more than 5,000 experts from across the globe, belonging to some 150 firms, located throughout 85 countries.

Brexit may change international relations and new regulations are always being brought in. Therefore, it is vital for firms to establish their own global relationships so they are prepared to navigate any changes.

For more information on our international accountancy network, please contact Maxine Brock at [email protected].

MGI Worldwide is a top 20 ranked global accounting network with some 5,000 independent auditors, accountants and tax experts in over 260 locations around the world.