Please ensure Javascript is enabled for purposes of website accessibility

For the Eighth Year in a Row, EY Is the Busiest Public Company Auditor

magnifying glass illustration to represent audits of financial statements

Keeping with a yearly tradition more reliable than the arrival of Santa in the early hours of December 24, Ideagen Audit Analytics has released their annual market share analysis of auditor engagements for public companies. TLDR: EY audits the most biggies…again.

Here’s something interesting right off the bat: There were 239 firms conducting audits for 6,607 Securities and Exchange Commission (SEC) registrants as of the end of January, 2024. This is a 4.9 percent decrease in registrant population from the year prior and the first year within the last five that Ideagen Audit Analytics observed a decrease in total SEC registrants. Neat!

These are the top ten audit firms with the most SEC registrant clients if you include special purpose acquisition companies (SPACs).

RankAudit Firm# of SEC clientsMarket Share
6Grant Thornton2834.28%
8BF Borgers1732.62%

These ten firms account for 68 percent of the total population.

Said Ideagen Audit Analytics in their report, the majority of firms in the top ten decreased in clients from 2023 except for Deloitte who upped theirs from 887 in 2023 to 900 in 2024. The top ten firms collectively audit 68% of the total population. And then they called out Withum specifically:

Withum, a firm notable for auditing numerous SPACs, continued to slide in the rankings in terms of SEC registrant clients. They fell from sixth to ninth between 2022 and 2023 and dropped to tenth for 2024. Withum audited 113 clients in 2024 compared to 177 clients in 2023 and 296 clients in 2022.

Excluding SPACs, the top ten looks like this:

RankAudit Firm# of SEC clientsMarket Share
5Grant Thornton2744.35%
7BF Borgers1712.71%

In 2024, the number of large accelerated filers is down by three percent. Big 4 counts 90 percent of these as clients and for the eighth consecutive year EY has the most (577). EY lost 23 of these clients from last year to early 2024, even with that they own the category at 28 percent of all large accelerated filers.

Excluding Deloitte, EY, KPMG, and PwC, 31 audit firms handle the other 10 percent of these filers and Grant Thornton has the most (4 percent).

For accelerated filers, Big 4, Grant Thornton, and BDO have the most market share. Deloitte tops the list with 153 clients (20 percent of the market). These six firms audit 72 percent of accelerated filers, 49 firms take care of the remaining 215.

In visual form:

Who audits public companies – 2024 edition” from Ideagen Audit Analytics

And that’s your who audits public companies update for 2024.

Leave a Reply

Your email address will not be published. Required fields are marked *