UK: key trends in the accountancy profession - POB report

The Professional Oversight Board has published the seventh edition of its key facts and trends in the accounting profession report. Of particular interest are the data concerning auditing. The report notes:

The number of registered audit firms has been gradually declining. The overall number of audit firms registered in 2008 (8,179) is 25.7% lower than the number in 2003 (11,006). However, the rate of decline has been less in recent years. The number of registered audit firms fell by 4.6% in 2008.

Over the past five years, the Big Four have experienced a steady increase in the proportion of fee income from non audit work for non audit clients. In contrast their fee income from non audit work to audit clients has been falling.

... there has been a small increase in the proportion of listed companies audited by non Big Four firms".