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.