Audit firms outside of the ‘Big Four’ have increased their market share of audit engagements on UK Public Interest Entities (PIEs) from 22% to 40% in 2024, according to a review by the UK Financial Reporting Council (FRC).
In that timeframe, non-Big Four firms also increased their market share of FTSE 350 audit engagements from 6% to 13%.
However, the FRC also found that the Big Four continue to “dominate the market in terms of audit fees”, earning 98% FTSE 350 audit fees and 91% PIE audit fees collectively in 2024.
Companies:UK FRC
