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Accountancy Market Report 2005
Key Note Publications Ltd, Sep 2005
This Market Report examines the market for accountancy services in the UK. These services fall into four broad categories: management consultancy; audit and accountancy (called business assurance by the major accountancy firms); taxation and legal services; and corporate finance, including business recovery.
The market is currently experiencing a strong growth phase, which can be attributed to a number of factors, including: increasing tax legislation; ever more regulations governing limited companies; the growing amount of information required by shareholders of major public companies in the UK and the US; the increasing need for corporate finance advice; and the growing demand for consultancy. Interviews conducted among UK accountants revealed a positive attitude across the profession. It is estimated that the market increased in value by 10.9% in 2004, to £16.01bn.
The accountancy market is dominated by four accountancy firms, known as the `Big Four' — PricewaterhouseCoopers (PwC), Deloitte & Touche, KPMG and Ernst & Young — all of which are global organisations. They audit almost all of the top 100 public companies and the majority of the top 350 companies. Beyond the Big Four there are many so-called mid-tier firms, among which are some very substantial accountancy firms. The Big Four and the mid-tier firms together play a major part in the market. However, this market is large enough to support a high number of very small firms, most of which are highly profitable.
Issues of current concern to the market include auditor liability, increasing regulation governing public companies and accountancy firms, and international accountancy standards. Another issue is the proposed merger of two of the profession's institutes, which is not viewed favourably by all accountants. Of most concern is the rising tide of regulations and standards, and there is widespread scepticism as to whether the changes will result in lasting improvements.
Even better prospects for the market are forecast in 2005 and 2006 than 2004. Although growth is expected to slow thereafter, it is projected to remain strong to the end of the forecast period (2009).
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