• Register
Return to: Home > News > Service Lines > Number of audit firms fall as accountancy body membership rises

Number of audit firms fall as accountancy body membership rises

Half a million accountancy professionals worldwide are now members of the UK and Ireland accountancy bodies but the number of registered audit firms continues to decline, according to a publication by the Financial Reporting Council (FRC).

The publication Key Facts and Trends in the Accountancy Profession, now in its 15th year, collected UK-related data on accountancy body membership, regulatory activities, audit and audit firms.  The number of registered audit firms with the UK recognised supervisory bodies (RSBs) was 6,010 at the end of December 2016, a 17% decrease since December 2012. Member numbers holding audit qualifications have also dropped from 140,135 in 2014 to 129,509 in 2016.

Yet in contrast the publication revealed that total audit fee income for Public Interest Entities (PIEs) has grown, but not for the Big Four who have seen a decreased growth in audit fee income and non-audit work compared to other firms. Student numbers in 2016 have also increased to 576,000 worldwide, a 2.9% increase, and surprisingly more of them are choosing audit.

The RSBs include the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), Chartered Institute of Public Finance and Accountancy (CIPFA), Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of India (ICAI), Institute of Chartered Accountants of Scotland (ICAS) and Association of International Accountants (AIA).

The publication can be found here.

Top Content

    2018 Digital Accountancy forum and awards: Digital transformation

    The Accountant presents highlights from The Digital Accountancy Forum & Awards 2018 panel discussions

    read more

    2018 Digital Accountancy Forum and Awards: Tech deep dive

    The second panel session of the day saw experts discuss how new technologies should not just be seen as a threat, and could be used to improve accounting.

    read more

    Digital Accountancy Forum and Awards: The power of data

    The third panel discussion of the day saw panellists discuss some of the worries their clients have had, how to overcome them, and how data and technology are providing real business opportunities.

    read more

    Digital Accountancy Forum and Awards: The next generation

    With young people more mobile, and technology changing the industry rapidly, the final panel session of the Digital Accountancy Forum looked at how firms would need to adapt to the new reality

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.