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Accountancy Market Report 2007
Key Note Publications Ltd, Sep 2007, Pages: 77
This Market Report covers accountancy services in the UK. There are four types of accountancy service: audit and accounting (called business assurance by the major accountancy firms); taxation and legal services; corporate finance, including business recovery; and management consultancy.
The accountancy market has been very strong during 2006 and 2007. The rise in demand for accountancy services has been caused by the growth in the economy, the boom in the financial services sector, the increasing complexity of tax legislation and the need that many organisations have for business advice. Despite this, there are accountancy firms that have either made a loss or a very slim profit. Key Note estimates that the total accountancy market increased in value by 10.5% in 2006, to £19.59bn. This figure includes an estimate for the growth in the consultancy market, which accountancy firms also serve.
The accountancy market is dominated by the Big Four global accountancy firms. These firms audit practically all of the top 100 public companies, as well as the majority of the top 350 companies. Beyond the Big Four are many so-called mid-tier firms, among which there are some very significant accountancy firms. Although the mid-tier firms are reporting increased growth, the gap between the Big Four and the rest appears to be widening. It is difficult to see how this gap will be narrowed.
The issues that concern the accountancy profession include: auditor liability; audit choice; the role of the Big Four firms; the future for small firms and sole proprietors; skills shortages; and accountancy standards. Following the merger of Robson Rhodes and Grant Thornton, the prospect of more mergers is apparent: a lot of small accountancy firms appear vulnerable.
We forecast that the UK accountancy market will grow by more than 8% year-on-year to 2009, before slowing slightly in 2010 and 2011.
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