Performance among accountancy firms is on the up. Total fee income increased in 2022 compared with 2021, by 11.9% for the Big Four UK firms in 2022 and 18.5% for non-Big Four firms.
According to the Financial Reporting Council’s Key Facts and Trends in the Accountancy Profession, audit fee income increased by a more moderate 7.6% for the Big Four firms (PwC, EY, KPMG and Deloitte) and 23.3% for the non-Big Four.
The concentration of audits with the Big Four firms continued to fall, with 25 FTSE 350 audits being undertaken by the five mid-tier audit firms (BDO, Grant Thornton, PKF Littlejohn, Johnston Carmichael, and Crowe) in 2022 compared with 23 in 2021.
The report covers 30 firms with public interest entity audit clients in the UK in 2022, compared with 25 in 2021.
