The Professional Oversight Board, an operating board of the Financial Reporting Council (FRC), today published a new edition of Key Facts and Trends in the Accountancy Profession.

This brings together in one place a range of information on the major audit firms, the Chartered Accountancy Bodies and those bodies which can offer the recognised professional qualification for audit and can register and supervise audit firms. The sixth edition reflects this information up to 31st December 2007.

Paul George, Director of the Oversight Board, said:

“Once again this report illustrates the strength of the UK accounting profession and its continued growth, reflecting the attractiveness of the profession to new recruits both in the UK and internationally.

“Both total fee income and audit fee income for the registered audit firms within our analysis continues to show strong growth. The larger registered audit firms now consistently generate more income from non audit clients than their audit clients, reflecting more stringent independence rules and market practice. While the Big Four firms continue to dominate the audit market for the largest listed companies, it is interesting to note the increased market shares of non Big Four firms for listed companies outside of the FTSE 350.”

Key Facts and Trends in the Accountancy Profession is available at: POB Publications. Should you wish to receive a hard copy please e-mail your name and address to Christina Trickett c.trickett@frc-pob.org.uk

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The Professional Oversight Board contributes to the achievement of the Financial Reporting Council’s own fundamental aim of promoting confidence in corporate reporting and governance. It has four main responsibilities:
   1. a statutory obligation to oversee the regulation of auditors by the recognised accountancy bodies;
   2. the monitoring of the quality of the auditing function in relation to economically significant entities;
   3. independent oversight of the regulation of the accountancy profession by the professional accountancy bodies;
   4. independent oversight of the regulation of the actuarial profession by the professional actuarial bodies.
3. The Professional Oversight Board is independent of the accountancy and actuarial professions. Its members have wide experience of business and the professions, the public sector, accountancy, auditing and actuarial work.
4. Press enquiries should be directed to Paul George, POB Director, on 0207 492 2340 or to John Grewe, Project Manager, 0207 492 2345.