The Guardian reports that the average pay of a partner at accounting firm Ernst & Young (E&Y) for the year ended June 2002 was around 16% less than the year before. But don't get too concerned for them as the average partner did walk off with £378,000 in the last full accounting year.
The accounting firm reported a 4% rise in revenue for the year to June 2002 with operating profit falling 13% to £158m. Corporate restructuring and running businesses which were in administration were two key area for the firm during its last full accounting year.
Nick Land, the E&Y chairmen, also warned that audit fees are certain to rise. He said: 'We will see audit fees going up some way ahead of the current rate of inflation as a result of the cost base and the overall risk profile....We have been talking to clients and they understand the reasons. What we are beginning to see is companies increasing the assurance they want and increasing the audit scope'.