The latest Charity Financials Audit Spotlight report uncovers the landscape of auditors used by the top 5,000 UK charities between 2017 and 2018. It also analyses the current fees by income band and highlights the top auditors used by charities today…
This is the fifth Audit Spotlight that is part of a series of free reports published by Charity Financials. The Spotlight report series aims to provide charities with sector-specific financial data to help them make better informed decisions.
Audit fees to the UK’s largest charities have increased by £10.2m in 4 years
The 2019 report shows that audit fees cost the UK’s largest charities £72.3m between 2017/18, a huge £10.2m increase in just four years.
Only 33% of the top 5,000 charities experienced an increase in fees; 44% saw no change and 19% saw a decrease. The remainder did not disclose a fee or have only one year reported.
43% of charities have not changed auditor within the last 10 years, yet with 797 firms advising the UK’s top charities, competition is as strong as ever in the market.
Crowe UK LLP remain top of the auditor fee earning tables with £6.4m and an 8.9% market share. They are followed considerably by BDO LLP who earned 4.8m and then haysmacintyre with 4.5m.
- Compare the fees charged by firms to charities of a similar size to yours. Our data allows you to shortlist firms which you may want to invite to tender. For instance, the average fee charged by Crowe UK LLP to charities with income less than £1m was £6k compared to £9k charged by PwC;
- Gain an idea of the main players in the audit world and who is increasing their market share;
- Discover the largest 20 charities (by total income) to change auditor, showing the current and previous auditor and fees paid.
The complete list of 797 auditors is available to charities upon request (details are available in the report), however, subscribers to Charity Financials will already have access to this.