Accountants are being warned to diversify to meet the growing competitive threat from lawyers and other professionals. A report by the Institute of Chartered Accountants 2005 working party predicts that audit work income will continue to fall with new technology and that the big six firms could become a “big five” or even a “big four” because of competitive pressure. But it identifies insolvency work as an area where lawyers will make few in-roads, and internal audit and new types of multi-disciplinary audit as providing new employment opportunities. Specialists in tax planning and corporate finance will be in particular demand, it predicts. According to the report: “Competition for corporate finance work will also come from high-quality MBA graduates and the major law firms. American experience suggests that lawyers could become a significant competitive force.”
Insurance advised for council officers after liability ruling
Chris Fogarty reports Council officers engaged in joint commercial ventures should take out directors’ insurance to protect themselves from any financial liability, says leading Nabarro Nathanson partner and local government expert Ray Ambrose. His warning comes after the High Court last month found two Waltham Forest council officers personally liable for over £1m in debts […]