UK accountancy profession on the up

The accounting profession in UK and Ireland is on the rise, according to a report by the Professional Oversight Board.

The panel's study shows the membership of chartered institutes in the UK and Ireland has risen annually at a compound growth rate of 2.5% a year since 2002. In 2007, the institutes boasted a total membership of 277,761, up 2.8% on 2006.

‘Once again this report illustrates the strength of the UK accounting profession and its continued growth, reflecting the attractiveness of the profession to new recruits both in the UK and internationally,' Paul George, POB director, said.

‘Both total fee income and audit fee income for the registered audit firms within our analysis continues to show strong growth. The larger registered audit firms now consistently generate more income from non audit clients than their audit clients, reflecting more stringent independence rules and market practice. While the Big Four firms continue to dominate the audit market for the largest listed companies, it is interesting to note the increased market shares of non Big Four firms for listed companies outside of the FTSE 350.’

Further reading:

POB accountancy profession key facts