UK Big Four Cash in on Audit Fees as Mid-Size Firms Add Clients

Mid-size accounting firms in the UK increased their share of the market for audits of large- and mid-cap companies listed on the London stock exchange, but the Big Four still took in nearly all the money, new figures show.

The Financial Reporting Council said Wednesday that FTSE 350 audit fees have shown strong growth over the past three years. Mid-size auditors have increased their share of audit engagements, the watchdog said in its annual Audit Market and Competition Update, but the Big Four firms—Deloitte, Ernst & Young, KPMG and PwC, also known as PricewaterhouseCoopers—took 98% ...