Consultative Committee of Accountancy Bodies has conducted a study of the accounting services market, which has proven the importance of the profession of auditor and accountant for Great Britain.
According to its results, the profession brings about 52 billion pounds sterling to the country’s total GDP each year.
At the same time, Oxford Economics, an economic forecasting and modelling organization based on Business College at Oxford University, conducted its own market study of auditing and accounting services in the UK. Its findings indicate that the profession makes an important contribution to the country’s economy by collecting, analyzing and presenting information that is the basis for making managerial decisions at all levels of government and business.
Ii is reported in both of these studies that accounting and auditing services occupy a significant part in GDP structure of the country. 841 thousand people are employed in this sphere. The market continues to grow fast, as revenues TOP-100 of auditing firms in the UK increased by 7.3% this year compared with the past.
Although demand for auditing and accounting services is large enough within the country, there is also growing interest in British services abroad. The demand for auditors’ services of Great Britain overseas grew by 59% over the past five years.