20:27 8 January 2024
Mid-sized auditors gain ground versus small firms and the Big 4 - Grant Thornton
The Grant Thornton report on auditing public companies in Poland reveals a decline in the number of auditors, signaling market consolidation. In 2023, the "Big Four" firms (Deloitte, EY Polska, KPMG Poland, PwC Polska) audited 25% of the market (85 WSE-listed companies), a decrease of 10 companies from the previous year. Seven medium-sized firms (auditing at least 10 firms and earning revenue of at least PLN 1 mln from the auditing services) expanded their share to 46% in 2023, auditing reports for 160 companies, a marked increase from 137 in 2022 (39% market share).
Smaller, often local auditors examined 99 companies, reflecting a decrease from 120 firm in 2022. The declining trend for small auditors has been observed for years: in 2021 small firms audited 131 WSE-listed companies and in previous years even up to 160-170 companies. The decline has been attributed to the growing potential of medium-sized firms. The shift may also result from stricter regulations and increased penalties for auditors scrutinizing financial reports of public trust entities.
Source: WBJ
