Accountancy profession still growing but fee income falling
News types: Publications
Published: 27 June 2011
The Professional Oversight Board (POB), an operating board of the Financial Reporting Council (FRC), reports that the accountancy profession membership is still growing but fee income is falling in the ninth edition of Key Facts and Trends in the Accountancy Profession (PDF) published today.
This brings together in one place a range of information from the major audit firms and seven accountancy bodies including those who can register and supervise audit firms. The ninth edition reflects this information up to 31st December 2010.
Paul George, Director of Auditing and the Oversight Board, said:
“Key Facts and Trends includes information from a number of different sources. Taken together this information illustrates the size and shape of the accountancy profession and gives the context within which POB operates and oversees the regulation of the profession.
Despite the difficult economic conditions, the profession remains attractive with the overall number of members and students continuing to increase both in the UK and Republic of Ireland and worldwide. However, the economic downturn, in overall terms, is reflected in both the total fee income and audit fee income of registered audit firms.”
Notes to Editors
- The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
- The Professional Oversight Board contributes to the achievement of the Financial Reporting Council’s overall aims and has four main responsibilities:
- a statutory obligation to oversee the regulation of auditors by the recognised accountancy bodies;
- the monitoring of the quality of major audits;
- independent oversight of the regulation of the accountancy profession by the professional accountancy bodies;
- independent oversight of the regulation of the actuarial profession by the professional actuarial bodies.
- The Professional Oversight Board is independent of the accountancy and actuarial professions. Its members have wide experience of business and the professions, the public sector, accountancy, auditing and actuarial work. The Acting Chair is John Kellas CBE.