PracticeAuditBig Four book rise in audit fees for 2011

Big Four book rise in audit fees for 2011

Big Four increase audit fees by 0.9%, compared to a 2.2% decline by their smaller counterparts in 2011

THE BIG FOUR have outperformed their smaller counterparts in the audit market in 2011, according to a report by the FRC’s Professional Oversight Board.

The POB report found that the Big Four firms booked a 0.9% increase in audit fee income, compared to a decrease of 2.2% for the rest of the market. Total fee income rose by 5.7% and fell by 0.5% for the Big Four and their smaller rivals, respectively.

Overall, the Big Four’s reliance on audit fee income was found to have reduced. Audit fees now comprises 23% of total income, down from 26% last year, while income from non-audit work increased to 63% from 55%.

The POB’s tenth edition of Key Facts and Trends in the Accountancy Profession also found the number of accountants worldwide is on the up, with worldwide membership of the seven accountancy bodies – ACCA, AIA, CAI, CIMA, CIPFA, ICAEW and ICAS – increasing by 3.7% to 438,146.

Related Articles

The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2m Alia Shoaib, Reporter
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

3m Emma Smith, Managing Editor
PwC fined a record £5.1m by the FRC over RSM Tenon audit

Audit PwC fined a record £5.1m by the FRC over RSM Tenon audit

4m Alia Shoaib, Reporter
BDO overtakes KPMG to take top spot in AIM auditor rankings

Accounting Firms BDO overtakes KPMG to take top spot in AIM auditor rankings

5m Alia Shoaib, Reporter
Demand for audit skills exceeding supply

Audit Demand for audit skills exceeding supply

5m Alia Shoaib, Reporter
FRC launches investigation into PwC over BT audits

Accounting Firms FRC launches investigation into PwC over BT audits

5m Alia Shoaib, Reporter