International Accounting Bulletin, in association with sister title The Accountant, have produced a new data set aimed at measuring the balance between non-audit services (NAS) and auditing fees earned by Colombian accountancy firms.
No longer are audits and assurance models the foundation of firms, but rather a range of "professional services" are on offer: consulting, advisory, targeted risk assessments and training are additional caveats, and sometimes capstones, that accounting bodies are asked to deliver.
Globalisation and client’s need for speed seem to be transforming the accounting profession, and Colombia is no exception.
HLB International and UC&CS International are the only two accounting networks (out of 17 analysed) that reported 100% of revenue from audit and accounting (A&A) services alone for fiscal year 2014.
Yet the latter firm earned the least amount overall revenue in comparison to its analysed peers: COP0.6 m ($198).
Following closely behind UC& CS International is PKF International, which earned the overwhelming majority of its total fees from A&A (99%), while Moore Stephens received 93%.
Nexia International, Crowe Howarth International and Kreston International reside in upper middle rankings, with 80%, 71%, and 70% (collectively) of their total fees coming from A&A services.
Yet none of the Colombian associations (out of 11 analysed) have a 100% split when it comes to A&A service. However, BKR International leapt to the number one ranking with 90% of its total fees for fiscal year 2014 coming from A&A.
At the other end of the spectrum is Prime Global. The majority of its total fees (58%) came from NAS.
Interestingly, major player EY ranks thirteenth out of the 17 networks, with the minority of its total fees (44%) hailing from A&A services only. EY has ranked third however in terms of its grand total fee for alls services (CPO150m).
Hot on its heels is BDO, which gained 62% of its total fees (CPO21m) from NAS.
PwC and Deloitte did not disclosed splits between A&A and NAS for fiscal year 2014.
Access the data here:
Non-audit services monitor: Colombia – Data
Note: Together with the NAS monitor The Accountant has teamed up with sister publication International Accounting Bulletin to produce a Partnership and Staff monitor, which is included in the same data set, and measures the percentage of partners of each firm.