Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have known that in 2014 PwC’s total fee income was £2.539bn, some £224m ahead of Deloitte (£2.315bn) according to the Financial Reporting Council’s 2014 Key Facts and Trends in the Accountancy Profession.

PwC also earned the highest fee income from audit (£571m) and from non-audit work for audit clients (£332m). This compares with Deloitte’s audit fee income of £486m.

Third-placed KPMG had total fee income of £1.874bn of which audit contributed £438m. Therefore, the research shows that mentioned two firms were well ahead of their Big Four firm rivals.

Meanwhile, EY earned £1.868bn, including £341m from audit services. Compared to the mid-tier firms and even if the next three largest firms (Grant Thornton, BDO and Baker Tilly) were to merge, the combined total of their fee income would still be £727m less than EY’s.

However, during 2014 the mid-tier saw a major boost to their overall fee income which on average grew by 15.1% compared to the Big Four’s 4.3%. Their audit fee income rose by 9.5% (Big Four 0.1). Their non-audit work for non-audit clients also grew on average by 18.7% compared to the Big Four’s 6.3%.

The Financial Reporting Council’s statistics show that all the firms’ audit fee income is shrinking as a percentage of overall fee income. This is more gradual among the Big Four where the percentage has gone down from 24% in 2010 to 21% in 2014. In the same period the mid-tier firms have seen their audit percentage drop from 34% to 28%.


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