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Incentivising the Accountants - The Worst 10
10/26/2021 ~ 5:20:53 PM
The list below shows the 10 companies who pay their accountants the most, relative to the cost of auditing from the accountants.
For example, Volkswagen paid EY €19m in audit fees, but it paid EY €33m in non-audit fees (€21m for tax advisory, €7m for advice on new legal standards, and €5m for 'other assurance services').
Company
Fees paid to auditing firm for other services as a percentage of audit fees (%)
Sub-Sector
Country
Auditor
1640
Insurance
Denmark
Deloitte Statsautoriseret Revisions AS
Loungers
959
Restaurants
United Kingdom
PWC
Nippon Steel Corp
567
Iron & Steel Producers
Japan
KPMG AZSA LLC
Tokyo Electric Power Co
307
Electric Utilities & Power Generators
Japan
E&Y
Infrastrutture Wireless Italiane
205
Hardware
Italy
PWC
Brown-Forman Corporation
185
Alcoholic Beverages
United States
E&Y
Landis+Gyr
176
Electrical & Electronic Equipment
Switzerland
PWC
Volkswagen
174
Automobiles
Germany
E&Y
Apollo Global Management
145
Asset Management & Custody Activities
United States
Deloitte
Royal Mail
144
Air Freight & Logistics
United Kingdom
KPMG
Why should you care? We and our partners on Governance data, Minerva, worry that a firm's accountants are incorrectly incentivised when they receive much more for other services, than for reviewing and signing-off the accounts.
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