UK Big Four Lean on Audit Revenue as Consulting Remains Slow

Big UK accounting firms relied more heavily on audit work to support their growth in 2024 as consulting demand remained sluggish, the country’s accounting watchdog found.

Mid-sized firms were also growing faster than the Big Four in the UK, the Financial Reporting Council said in its annual Key Facts and Trends report released Wednesday.

The UK accounting market continued to grow overall, FRC said, although consolidation among mid-sized firms meant that the number of registered auditors fell in 2024 to 3,760 from 5,007 in 2020.

The report follows promises by the UK government to pass measures to improve ...