Growth in business
Johnston Carmichael sees 20% leap in audit clients
Graham Marjoribanks: ‘welcomed scrutiny’
Accountancy and business advisory firm Johnston Carmichael says revenue from its audit and assurance is up by a fifth in the first four months of its financial year, compared to the same period in 2018.
The team added £400,000 in new business with Glasgow and Aberdeen showing increases of 52% and 28% respectively. The firm’s Edinburgh office is also on track to have doubled its audit and assurance fee income over the last four financial years.
The team is now led by partner, Graham Marjoribanks, who joined the firm in September following 10 years working in both Alberta and the Greater Toronto Area of Canada. He replaced David McBain who is now chairman of the audit leadership team.
Mr Marjoribanks welcomed the recent scrutiny of audit, which is the subject of an independent review being conducted by Sir Donald Brydon and suggested that it had led to businesses re-evaluating their audit processes.
He said: “The growth we have seen since the start of the financial year is a clear indicator that businesses are approaching the audit process in a different way. More and more businesses are recognising that a strong and comprehensive audit can add so much value beyond simply ensuring compliance.
“With a number of high-profile insolvency events hitting the headlines over the last 12 months, the spotlight is on the audit profession more than ever before. Ahead of the publication of the Brydon Report it is therefore encouraging that businesses are looking to engage in a more holistic approach to the process.
Andrew Walker, CEO of Johnston Carmichael, said: “With such a strong start to the financial year we want to ensure that the trend continues and, to do that, we will need to look at expanding our team further, hopefully bringing new jobs to the sector.”