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November 24, 2022

BREAKING: The Big 4 Audits a Lot of Companies In the U.K.

Wait, the Big 4 dominates auditor market share across the pond? I’m shocked:

EY, KPMG, PwC, and Deloitte — collectively known as the ‘big four’ — audited 81.8% of all UK-listed businesses in 2018, according to figures from the Financial Reporting Council (FRC). Market share was up from 80% in 2017.

The ‘big four’ also audited 100% of the FTSE 100, Britain’s 100 biggest listed businesses, up from 99% in 2017.

Fee income at the ‘big four’ rose by 4.7% to £10.9bn, while income at accountants outside the top table fell by 8.1%.

Consultancy work continues to dwarf auditing fees at the ‘big four’, despite criticism of the practice. The accountants made just £2.1bn from auditing, with 72% of revenues coming from non-audit work like consulting. That was up from 70.4% in 2017.

If you have some time to spare this afternoon, the full FRC report can be found here.

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