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Accountancy Market Report 2008
Key Note Publications Ltd, Sep 2008, Pages: 72
This Market Report covers the UK market for accountancy and related services. The market can be split into four sectors: audit and accounting (called business assurance by the major accountancy firms); taxation and legal services; corporate finance and business recovery; and management consultancy.
The accountancy market performed strongly during 2007, although its growth was somewhat lower than in 2006. The corporate-finance and management-consultancy sectors of the market grew at a slower rate in 2007 as businesses in the UK began to retrench. However, demand for tax advice remained strong, and this trend is predicted to continue. Audit fee income grew at a very modest rate in 2007. We estimate that the total accountancy market increased in value by 8.4% during the year. That figure includes an estimate for growth in the consultancy market, which the accountancy firms also serve.
The accountancy market is dominated by the Big Four global accountancy firms — Pricewaterhouse Coopers (PwC), Deloitte & Touche, KPMG and Ernst & Young. They audit all the top 100 public companies, as well as the majority of the top 350 companies. Beyond the Big Four there are many so-called mid-tier firms, among which there are some substantial accountancy firms. Although the mid-tier firms reported increased growth in 2007, a gap remains between the Big Four firms and their competitors. Indeed, market insiders estimate that the gap will remain for years to come.
The issues that concern the accountancy profession include: auditor liability; audit choice; fair-value accounting; the use of the term `true and fair' in auditors' reports; accounting for sustainability; and the creation of more integrated accountancy-firm structures. Although this report mentions it only in passing, fraud (i.e. clients providing incorrect data) will be a growing concern for accountants. Accountants are also concerned about the increasing amount of litigation. Consequently, auditor liability continues to be a key subject.
We forecast a growth for the UK accountancy market in 2008 and 2009, with rates of 7.2% and 6.4% respectively. Thereafter, the market is likely to grow at a slightly higher rate. Some mergers between firms look distinctly likely, given that certain firms are currently unprofitable.
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