PwC, EY, Deloitte and KPMG saw audit income grow by 1.7% in 2017–18 compared with 5.7% the previous year, amid continuing pressure for market reform.
The growth in audit fees for Big Four firms has fallen back significantly to one of its lowest levels since 2010.
Audit fees grew by 1.7% for Big Four firms combined—PwC, EY, Deloitte and KPMG—in 2017–18, compared with 5.7% the previous year, its highest rate of growth in the current decade.
In 2009–10, the year following the financial crisis, Big Four audit income shrank by 2.2% on the previous year.
The latest audit report on key trends in the accountancy profession from the Financial Reporting Council revealed how the UK audit profession has fared over the past year.
Audit and the audit profession has been under close s
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