In a review of competition for listed audit business, the Financial Reporting Council (FRC) interviewed a number of senior executives at private equity firms about their interest in investing in audit firms. In 2023 alone there were five substantial private equity deals with firms including Moore, TC Group (formerly Taylorcocks) and Duncan & Toplis. Already this year, a Welsh PE firm has invested a seven figure sum into online only Mazuma Accountants.

The two senior PE executives interviewed by the FRC were most interested in the potential for non-listed audit rather than the public interest entity (PIE) market.