Decline in Percentage of Fee Income for Non-audit Work for Audit Clients
The Professional Oversight Board (POB), part of the Financial Reporting Council (FRC), has published the tenth edition of Key Facts and Trends in the Accountancy Profession.
The information illustrates the size and shape of the accountancy profession and shows how it has evolved over recent years. It brings together information about the major audit firms and seven accountancy bodies including both those who offer audit qualifications and those who register and supervise audit firms.
The overall number of members in the UK continues to increase, though those accountancy bodies that have a substantial proportion of their membership outside the United Kingdom have shown the strongest growth in the overall number of members and students over recent years. Both total fee income and audit fee income for the largest registered audit firms show some recovery after last year’s declines.
John Grewe, Director of Oversight said: “The analysis of fee income for the major audit firms shows that the percentage of fee income from non-audit clients has been rising, from 51% in 2006 to 55% in 2011, mirrored by a decline in the percentage of fee income from non-audit work for audit clients, from 18% in 2006 to 14% in 2011.”
Key Facts and Trends was first published in 2002, though its contents and presentation have developed since that date.
The tenth edition includes information up to 31 December 2011. We are anxious to encourage feedback from readers about any aspects of Key Facts and Trends where they think the publication might be changed and improved. A short questionnaire will be going out to FRC subscribers.
The Professional Oversight Board would welcome comments on Key Facts and Trends in the Accountancy Profession.