Big accountancy firm partners see income drop
Wednesday 10 October 2012
Partners at the Netherlands’ biggest accountancy practices have seen their income plunge over the past five years, the Financieele Dagblad reports on Wednesday, based on an analysis of annual reports.
For example, partners in PwC earned an average €708,000 in the 2007-2008 book year but this had gone down to €468,000 in the book year to end June 2012.
The situation is similar at Ernst & Young and Deloitte, the paper says, although the drop is not as sharp as the 34% cut recorded at PwC.
The reduction is due to market developments, the paper says. Customers are placing fewer orders and demanding lower tariffs. At the same time, accountancy groups have had to spend more on boosting the quality of their controls in the wake of public criticism.
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Having worked in the Dutch media and seen the quality of some of the accountancy firms reports on the market, I can only hope that more customers demand a better quality at a more reasonable price. They know something about the financial world. But nothing about effective storytelling. It's interesting to read annual forecasts from 2005 onwards to see how wrong they were.
By Jonathan Marks | 10 October 2012 3:27 PMShocker!
Accountants didn't see this coming?
By Tor | 10 October 2012 5:13 PM