Small and medium-sized enterprises (SME) market study
Published: 3 February 2025
Response deadline: 17 October 2025
| Title | Small and medium-sized enterprises market study Invitation to comment |
|---|---|
| Format | pdf, 234.3 KB |
On this page
Overview
The FRC’s market study into SMEs aims to examine the challenges faced by SMEs in relation to audit and reporting, where practitioners have difficulties in auditing SMEs, and understanding the decision-making process for SMEs who procure audit services when otherwise exempt.
This market study is the first phase of the FRC’s broader campaign to support UK SMEs to access audit services and secure the capital they need for growth.
The closing date for responses to the Invitation to comment was 25 April 2025.
The closing date for responses to the questions set out in the emerging findings report is 17 October 2025.
| Name | SME Market Study information sheet |
|---|---|
| Publication date | 19 February 2025 |
| Type | Information sheet |
| Format | PDF, 1.9 MB |
Roundtables
The FRC held a series of online roundtables throughout the invitation to comment consultation period for stakeholders to share their views on the questions asked, and explore issues in more detail. Roundtables took place on Microsoft Teams to allow for engagement from across the UK.
The FRC was keen to hear from those organisations and individuals involved in this market, including SMEs and their advisers, auditors and their professional bodies, and providers of capital to SMEs.
Emerging findings
The FRC has published initial feedback on its market study in the audit market for SMEs. The report outlines the feedback received to the FRC’s Invitation to Comment, our ongoing survey of SMEs and extensive stakeholder engagement with SMEs, capital providers, audit firms, professional bodies and others. The report sets out challenges identified in the SME audit market and proposed remedies to address these issues.
The FRC invites responses to the questions set out in the emerging findings report by 17 October 2025 and will be engaging further with stakeholders across Summer and Autumn 2025.
| Name | SME Audit Market Study Emerging findings |
|---|---|
| Publication date | 17 July 2025 |
| Type | Report |
| Format | PDF, 1.4 MB |
| Name | SME Audit Market Study - Emerging findings at a glance |
| Publication date | 17 July 2025 |
| Type | Information sheet |
| Format | PDF, 510.5 KB |