Accountancy Europe’s paper examines how private equity has shaped the European accountancy profession over the past decade
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Accountancy Europe has published its first information paper exploring the evolution and impact of private equity (PE) investments in the European accountancy and audit sector over the past decade.
Driven by rapid technological change, increasing competition, and the need to scale services, external investment in the profession has become more attractive. In parallel, PE firms have identified accountancy as an appealing opportunity, thanks to its stable cash flows, recurring revenues, and growth potential.
While the trend first emerged in the United States, it has gained significant momentum in Europe, especially since 2023. PE activity in the sector increased from a modest 10–20 deals annually before 2022 to over 100 transactions in 2023 and approximately 200 in 2024.
The paper outlines several PE investment models used:
Around 60% of PE deals have targeted accounting, tax, and advisory firms, while the remaining 40% involve audit and assurance services. Despite regulatory restrictions, PE investment in audit firms has significantly increased, tripling in 2023 and quadrupling in 2024, highlighting a growing interest in this segment.
The paper features country-level insights and notable transactions that illustrate the scale and variety of PE activity across Europe.
Accountancy Europe will continue monitoring developments in this area and considers exploring:
The European Securities and Markets Authority (ESMA) has launched a consultation on Draft Technical Standards (DTS) concerning authorisation, recognition, separation of activities, and disclosure obligations under the EU Regulation on the transparency and integrity of ESG rating activities.
ESG rating providers from offering audit and assurance services, including statutory audits and sustainability assurance engagements, within the same legal entity. This measure is designed to mitigate conflicts of interest and safeguard the independence of ESG ratings.
The consultation is open until 20 June 2025, while final standards are due to be sent to the European Commission (EC) by the end of October 2025.
EFRAG recently shared its draft comment letter on proposed changes to IFRS S2, which focuses on greenhouse gas (GHG) disclosures. The proposed amendments aim to ease reporting requirements for certain emissions, like those from derivatives and financed or insured activities, making the rules clearer and more practical.
EFRAG is receiving feedback on its draft until 20 June 2025.
A recent study by the International Federation of Accountants (IFAC), AICPA & CIMA reveals that 98 % of major global companies engage in sustainability reporting, with 73 % obtaining assurance, an increase from 69 % in 2022 and 51 % in 2019
Assurance typically focuses on GHG emissions, and audit firms lead engagements (55 %), although non‑audit providers are becoming more active. In key markets, such as the UK, US, Singapore, and South Africa, the proportion of companies using audit firms for sustainability assurance grew in 2023.
The findings highlight the increasing integration of sustainability reporting into broader corporate governance and assurance practices.
The International Auditing and Assurance Standards Board (IAASB) issued a new frequently asked questions (FAQ) document to support implementation of ISA 570 (Revised 2024), going concern.
The guidance addresses the enhanced auditor reporting model by clarifying when to include a ‘going concern’ or ‘material uncertainty related to going concern’ section in the auditor’s report. It also provides an illustrative example explaining how auditors can describe their evaluation of management’s going concern assessment.
Although this FAQ does not modify the standard, it aims to assist stakeholders as the revised ISA 570 takes effect for audits of periods beginning on or after 15 December 2026
The latest ACCA global talent trends report, drawing on responses from over 10,000 professionals across 175 countries, offers timely insights into the evolving global workforce.
Hybrid and remote working are now standard, with 52% of EU professionals in such arrangements and 71% favouring flexible setups.
Technology, especially AI, remains a top priority, yet 81% of finance professionals report inadequate support for upskilling. Rising living costs and stress persist. Many are unhappy with real wages and 59% say mental health suffers due to work pressures.
These trends are relevant to many EU policy priorities, including the competitiveness agenda, the Omnibus package, and the EU Union of skills.
