FRC highlights latest trends in accountancy and audit

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Published: 15 October 2025

The Financial Reporting Council (FRC) has today released the 23rd edition of its Key Facts and Trends (KFAT) report, offering a comprehensive overview of the UK accountancy and audit landscape.

This year’s report features data from 31 of the 34 firms with Public Interest Entity (PIE) clients, representing a diverse range of company sizes – from firms with less than 200 employees to those with over 2000. It also provides data on the profession’s demographics, including age, gender, and ethnic diversity across seniority levels and firm sizes, highlighting both progress and persistent disparities.

The report shows continued growth in the accountancy profession, with membership increasing both in the UK and worldwide, though there was a minimal decline in student numbers.

In the audit market, the report notes an ongoing trend of consolidation, with a decrease in the overall number of registered audit firms. Despite this, there was an increase in the number of FTSE 350 audits undertaken by firms outside of the Big Four, with 48 now undertaken by non-Big Four firms, up from 41 in 2023.

This year, the FRC has increased the usability of the KFAT report by providing it directly on its website and in an Excel format, allowing users to interact with the data.