FRC publishes key accountancy and audit facts and trends report for 2024
News types: Publications
Published: 30 September 2024
The Financial Reporting Council (FRC) has today released the 22nd edition of its Key Facts and Trends (KFAT) report, offering a comprehensive overview of the UK accountancy and audit landscape.
This year’s report features data from 33 firms with Public Interest Entity (PIE) clients out of a total of 41, representing a diverse range of company sizes: 11 firms with under 200 employees, 12 with 200-2000 employees and ten with over 2000 employees. It also provides data on the profession’s demographics, including age, gender and ethnic diversity across seniority levels and firm sizes, highlighting both progress and persistent disparities.
The report reveals continued growth in the accountancy profession, with membership increasing both in the UK and worldwide. Meanwhile, after a decline in previous years, the student numbers show signs of stabilising, with a minimal 0.2% decrease in the UK and Republic of Ireland and a slight 0.1% increase worldwide.
In the audit market, the report notes an ongoing trend of consolidation, with a decrease in the overall number of registered audit firms. Despite this, there was an increase in the number of FTSE 350 audits undertaken by firms outside of the Big Four, with 41 now undertaken by non-Big Four firms, up from 35 in 2022.
Read the full report, containing detailed statistics and trend analysis, on the FRC website.