Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Big Four auditors' fees boosted by continued UK blue-chip dominance

Big Four auditors' fees boosted by continued UK blue-chip dominance

The world’s Big Four accounting firms increased earnings from their dominance of UK blue-chip audits last year, the sector’s regulator said on Friday, indicating that efforts to improve competition have made little headway.
Lawmakers have long called for more competition in auditing, but actual reforms have been patchy to date despite three government-sponsored reports considering the issue since the collapse of retailer BHS and builder Carillion.

All of the companies listed on the FTSE 100 index were audited by Deloitte, PwC, EY or KPMG in 2019, with combined income from auditing rising by 7%, Britain’s Financial Reporting Council said.

So-called challenger auditors, which include Grant Thornton, BDO and Mazars, fared little better in the next tier down for listed companies. Only 10 companies in the FTSE 250 index were audited by firms outside the Big Four, up from nine in 2018, the FRC said.

However, the watchdog said that new curbs are taking effect, citing a 21% drop in the Big Four’s fees for the more lucrative non-audit work they conduct for clients.

The curbs seek to improve auditing standards by limiting how much non-audit work can be undertaken, thereby removing a potential disincentive to auditors challenging what clients tell them.

Britain’s business ministry is expected to consult publicly on how it wants to implement recommendations from the three reports aimed at improving competition and standards.

Britain’s competition watchdog has proposed that audits are performed jointly by one of the Big Four and a challenger auditor, a step the FRC has rejected.

The Big Four’s total fee income rose 7% last year while firms outside the dominant quartet slowed the decline in their total fee income, the FRC said.

Improving choice and resilience in the market remains a major focus, said David Rule, the FRC’s executive director of supervision.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×