PwC has lost its outright lead of FTSE 100 audit clients after Deloitte and KPMG gained enough clients to reach a joint 1st position with PwC, according to findings from Adviser Rankings.
PwC, Deloitte and KPMG now have 27 clients each of the FTSE 100 in Q3.
While PwC added Johnson Matthey as a client, the firm lost BT Group, Legal & General, and GlaxoSmithKline, plus one FTSE 100 client due to the FTSE reshuffle.
However, PwC still has a lead by total client market capitalisation.
EY came in fourth place with 17 FTSE 100 clients. The two remaining clients went to BDO and Grant Thornton with one client apiece.
For the FTSE 250, PwC remain in the lead with 73 clients, followed by KPMG, Deloitte and EY with 64, 62, and 43 clients respectively. BDO and Grant Thornton both had four FTSE 250 clients each.
In the sector breakdown of the FTSE, clients PwC become the new leader in industrials with 66 clients. For oil & gas, BDO and PwC become new joint leaders with 22 clients each
The results have been published at an interesting time for the UK audit market. It has been reported that the Big Four and the next five biggest firms, along with the Institute of Chartered Accountants in England and Wales, were in discussions about implementing a client cap on the Big Four for the FTSE 350, following a wave of criticism of their dominance in the audit market.
