The number of audit firms and
qualified auditors in the UK continues to decline despite the
overall growth of the accounting industry, according to figures
released by the UK’s oversight body.

The Professional Oversight Board found that in 2007, 13,238
students became members of the UK’s six accounting bodies. Yet only
623 members were awarded the recognised professional qualification
for audit.

This mirrored a general decline in the number of registered
audit firms from 11,211 in 2002 to 8,754 in 2007 – down 23.5
percent.

The sixth edition of Key Facts and Trends in the Accountancy
Profession also highlighted some positive trends for the
industry.

Worldwide, the six UK chartered bodies now have more than
370,000 members – compounded annual growth of 3 percent since 2002.
Student numbers grew even faster – more than 390,000 students in
2007 represented 8 percent compounded annual growth since 2007.