Find Accountancy, Audit and Tax expertise in United Kingdom

Overview

The UK accountancy and audit profession is one of the largest in the world. As in most developed countries, the UK accountancy and audit sector is dominated by the ‘Big Four’ which audit most of the leading PLCs on the London Stock Exchange (FTSE 350). Under the Companies Act of 2006, all companies are required to commission an annual audit with the exception of small, dormant and non-profit making companies. Adoption of the International Financial Reporting Standards is considered complete, with all listed companies in the UK required to follow the guidelines in the preparation of their financial reports. The World Bank Ease of Doing Business Index ranks the UK 6th in the world in relation to resolving insolvency, with the US coming in at number 15 (2011). According to the World Economic Forum Global Competitiveness Report the UK scored 5.9 out of 7 in strength of auditing and reporting standards, comfortably above the world mean of 4.6 (2012-2013). The Accounting Standards Board (ASB) established in 1990 is an independent body that sets Financial Reporting Standards (FRSs) in the UK. Auditing standards are governed by the Auditing Practices Board (APB), which was established in 1991.

Accountancy, Audit and Tax organisations in United Kingdom
Association of Chartered Certified Accountants (ACCA)
Chartered Institute of Management Accountants
Institute of Chartered Accountants in England and Wales
Institute of Chartered Accountants of Scotland
Serco Group Plc