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UK challenger audit firms increase market share slightly, regulator says

( December 4, 2024, 15:38 GMT | Official Statement) -- MLex Summary: While the four largest accounting firms — Deloitte, KPMG, EY and PwC — continue to dominate the UK audit market, challenger firms' share of audit engagements for the largest 350 companies listed on the London Stock Exchange, known as the FTSE350, grew from 11 percent to 13 percent in 2023, the Financial Reporting Council said today. The UK audit watchdog is helping smaller firms to grow and improve audit quality in its “scalebox,” it said. “Whilst the Big Four continue to dominate … in the last 12 months other audit firms have successfully grown their businesses and they are now taking on more complex audits,” the watchdog's head Richard Moriarty said.Statement below, report attached. ...

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