Fee income at the Top 75 accounting firms has reached a record £15.75bn, increasing revenue by more than 5% in the last 12 months despite a barrage of criticism of the Big Four audit firms over contentious listed audits, Brexit concerns and business uncertainty
In this year’s annual Accountancy Daily Top 75 Firms survey, the Big Four – PwC, Deloitte, EY and KPMG - continue to dominate the market accounting for £12.09bn in fee income, up from £11.49bn in last year’s survey, equivalent to a 77% market share.
When the revenue of the top six firms is combined, bringing mid-tiers Grant Thornton and BDO into the equation, fee income totals £13.05bn, representing 82.8% of total Top 75 fee income of £15.75bn.
All Big Four firms reported a hike in revenue, including KPMG which has been the centre of harsh criticism over audit failures such as Carillion, while attempts to refocus the firm following a torrid few years of performance, both in the UK and overseas, has seen significant restructuring. Growth at number four ranked KPMG was up 8% at £2.34bn from £2.17bn year on year.
