The Professional Oversight Board (POB), an operating board of the Financial Reporting Council (FRC), has published a new edition of ‘Key Facts and Trends in the Accountancy Profession’.
This brings together a range of information on the major audit firms, the Chartered Accountancy bodies and those bodies which can offer the recognised professional qualification for audit and can register and supervise audit firms. The seventh edition reflects this information up to 31 December 2008.
Paul George, director of the POB, said: “This edition provides information about a period before the full impact of the recession and the financial turmoil had been felt on the UK economy and worldwide. The accountancy profession is not immune from the effects of the recession and we expect this to be more evident in the next edition of ‘Key Facts and Trends’. However the information we are publishing now, demonstrates the continued importance of the accounting profession with the overall numbers of members and students continuing to grow. The rate of growth in both total fee income and audit fee income of registered audit firms was less than in previous years and the trend for a higher proportion of fee income of the larger registered audit firms to come from non audit clients has continued. While the Big Four firms continue to dominate the audit market for the largest listed companies, there has been a small increase in the proportion of listed companies audited by non Big Four firms compared with previous years.”
‘Key Facts and Trends in the Accountancy Profession’ is available at: <http://www.frc.org.uk/pob/publications/index.cfm?mode=list&cID=3> .
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