KPMG

Companies such as Barclays and Reckitt Benckiser face steep increases in their audit fees next year, partly because of inflated staff costs, KPMG has said ...

"As you may know, we are facing a number of additional upward cost drivers, notably the requirements of the revised ISA (UK) 315, which we estimate will add between 5 and 20% to base audit costs, as well as significant inflationary pressures in relation to staffing costs and recruitment." Sky News has learnt that KPMG has notified listed audit clients that the cost of scrutinising their accounts would rise by up to 20% next year. Companies such as Barclays and Reckitt Benckiser face steep increases in their audit fees next year, partly because of inflated staff costs, KPMG has said in a note to clients seen by Sky News.

Big Four accountancy firm KPMG has warned clients it is planning to substantially increase its audit fees, in order to pay for higher salaries.

The auditor told its clients it plans to increase fees by between 5 per cent and 20 per cent due to facing higher costs linked to new industry rules and the higher costs of staffing, according to Sky News. The firm also blamed the fee hikes on the new ISA (UK) 315 rules, as KPMG said it will need to bulk up its audit teams to ensure it complies with the requirements. KPMG plans to hikes fees by up to 20 per cent due to higher cost of staffing

KPMG in Singapore's latest pay adjustments and investments in a lifelong learning programme is in recognition of and a bid to contribute to the profession's ...

To date, the firm has already committed at least $7 million in such sponsorship for FY22. KPMG in Singapore has been leading the market in raising salaries for audit and tax employees who attained the Singapore Chartered Accountant (SCA) qualification or Accredited Tax Advisor (ATA) qualification. The pay hike is timely as industry baseline standards are lifted for professional services, given the increase in complexity of businesses. This move by the Singapore office of the global firm comes as demand by companies for quality advisors rises significantly – highlighting the pivotal role that professional services firms will continue to play in the future landscape for businesses. The firm will also continue to pay out bonuses competitively at the market rate despite global geopolitical and economic uncertainties. In particular, the starting pays for entry level professional staff will increase by up to 20 per cent.