FRC release annual accountancy report

The Financial Reporting Council (FRC) in the UK has published their annual report which provides key data on accountancy firms, and its member bodies. The report shows details of the size and current state of the accountancy profession, and its evolution in recent years.

FRC release annual accountancy report

The annual report is important says Paul George, the Executive Conduct Director, stating that accountancy expertise and trust in the work of the profession are vital to encourage UK economic growth, with the report providing context in monitoring its development. It is encouraging that accountancy remains an attractive profession and membership keeps growing each year. However, numbers of student accountants have grown at a lower global rate to the 2014 figures and have even declined slightly in Ireland and the UK.

Key points:

  • The number of registered audit firms in the UK has reduced by almost 5% between 2013 and 2014.
  • Total membership of the accountancy qualifying bodies continues to grow steadily.
  • There has been a small decline in the number of students in the UK and Ireland dropping by just under 10% between 2010-2014.
  • The larger registered UK firms had significant growth in all areas of fee income in 2014. This can be largely attributed to mergers and acquisitions in 2013 and the transfer of Local Authority audits from the Audit Commission to the private sector.

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