The Professional Oversight Board, an operating board of the Financial Reporting Council (FRC), today published a new edition of Key Facts and Trends in the Accountancy Profession.

This brings together in one place a range of information on the major audit firms, the Chartered Accountancy Bodies and those bodies which can offer the recognised professional qualification for audit and can register and supervise audit firms. The seventh edition reflects this information up to 31st December 2008.

Paul George, Director of the Oversight Board, said:

“This edition provides information about a period before the full impact of the recession and the financial turmoil had been felt on the UK economy and worldwide. The accountancy profession is not immune from the effects of the recession and we expect this to be more evident in the next edition of Key Facts and Trends. However the information we are publishing now, demonstrates the continued importance of the accounting profession with the overall numbers of members and students continuing to grow.

The rate of growth in both total fee income and audit fee income of registered audit firms was less than in previous years and the trend for a higher proportion of fee income of the larger registered audit firms to come from non audit clients has continued. While the Big Four firms continue to dominate the audit market for the largest listed companies, there has been a small increase in the proportion of listed companies audited by non Big Four firms compared with previous years.”

Key Facts and Trends in the Accountancy Profession is available at: POB Publications. Should you wish to receive a hard copy please e-mail your name and address to Christina Trickett c.trickett@frc-pob.org.uk 

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The Professional Oversight Board contributes to the achievement of the Financial Reporting Council’s own fundamental aim of promoting confidence in corporate reporting and governance. It has four main responsibilities:
   1. a statutory obligation to oversee the regulation of auditors by the recognised accountancy bodies;
   2. the monitoring of the quality of the auditing function in relation to economically significant entities;
   3. independent oversight of the regulation of the accountancy profession by the professional accountancy bodies;
   4. independent oversight of the regulation of the actuarial profession by the professional actuarial bodies.
3. The Professional Oversight Board is independent of the accountancy and actuarial professions. Its members have wide experience of business and the professions, the public sector, accountancy, auditing and actuarial work.
4. Press enquiries should be directed to Paul George, POB Director, on 0207 492 2340.