Ireland's Top 20 accountancy firms enjoyed a second year of strong growth in 2014-2015, with the combined fee income of the top 20 growing by 9.9% to nearly €1.4bn, according to the latest annual Finance Dublin Survey of Ireland's largest accountancy firms.

The percentage growth is up on the previous year’s increase of 9.3% and restores the aggregate fee income of the 20 firms surveyed to pre-crisis levels.

The survey also found that productivity (income per staff member and partners) growth in the firms slowed in the past year, but Finance Dublin suggested that this reflects a surge in new recruitment as the industry opens its doors to a new generation of staff.

The report, in the December issue of Finance Dublin, also quotes the managing partners of the Top 20 firms on the question of mandatory auditor rotation for audit clients, which all EU member states are obliged to introduce.

The Department of Jobs & Enterprise proposes to bring proposals to cabinet before the end of 2015 on the issue, which may include proposals to align Ireland's practice on the matter with Ireland's main competitors in the other EU member states.

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Overall, the picture that emerges from the managing partners’ forum is one of a busy sector with an air of optimism, according to Finance Dublin. However, challenges reported include the difficulty that medium and smaller firms have in competing for the best talent, as recruitment challenges continue to put pressure on the whole sector.

This is one of the factors causing a number of participants to anticipate further consolidation, particularly in the mid-tier, said Finance Dublin.

Managing partners also reported that new rules and regulations are keeping them busy, both in responding to the demands on the profession and the demands on their clients.