• 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

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    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.