Smaller audit firms eat into Big Four’s lunch |
The five largest firms outside the Big Four audit companies - Deloitte, EY, KPMG, and PwC - have seen a significant increase in their market share, according to a key facts and trends report from the Financial Reporting Council (FRC). In 2023, these firms audited 11.6% (29) of FTSE 250 companies, up from 28 in 2022. Additionally, smaller firms outside the Big Four audited 4% (10) of FTSE 250 companies, a rise from 2.4% the previous year. While the Big Four still dominate, their share of FTSE 250 clients dropped to 84.4%, down from 86.4%. Non-Big Four firms also experienced a higher percentage increase in fee income, with a growth of 13.2% compared to 11.1% for the Big Four. |
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