The Financial Reporting Council (FRC) has released its 23rd Key Facts and Trends (KFAT) report, which provides an analysis of the UK accountancy and audit sector.  

The document includes contributions from 31 firms that audit Public Interest Entities (PIEs) and spans a range of firm sizes, highlighting demographic trends and market dynamics. 

It outlines a pattern of growth within the accountancy profession, with an increase in the number of members in the UK and internationally, despite a slight dip in student enrolment.  

The audit market is experiencing consolidation, with fewer registered audit firms, though there is an uptick in the number of FTSE 350 audits conducted by firms beyond the Big Four. 

The accountancy bodies in the UK and Republic of Ireland now have 408,000 members, with a global membership surpassing 623,000.  

In these regions, the growth rate for membership stood at 0.8% and 1.1% on a global scale between 2023 and 2024.  

Conversely, student numbers have seen a decline of 0.3% in the UK and Republic of Ireland and 0.1% globally. 

Despite the decline in student numbers, there has been a substantial 12.3% increase in students achieving membership status worldwide.  

The report also notes that the number of individuals obtaining the Audit Qualification in 2024 decreased slightly to 1,800.  

The AAT saw a decrease in membership by nearly 2%, in contrast to a more than 30% increase in student numbers in the UK and Republic of Ireland. 

In terms of revenue, the ACCA led with an income of £258.8m in 2024, with CIMA and ICAEW experiencing the most substantial income growth. 

The report also reflects a continued decline in the number of statutory audit firms, with a 24.9% decrease over the past five years. 

Earlier in October 2025, the FRC initiated a public consultation on proposed improvements to its Audit Enforcement Procedure, seeking stakeholder feedback on amendments designed to provide timely regulatory responses, open until 9 January 2026.