The International Federation of Accountants (IFAC) released new global research analyzing the rapid growth of private equity (PE) investment in professional accountancy firms and its potential implications for the future of the profession.
As a global organization representing over 188 professional accountancy organizations in more than 140 jurisdictions, IFAC is sizing the scale of the trend and identifying its potential implications for transaction structures, firm oversight, independence and conflicts of interest, audit quality, consolidation and competition, and the attractiveness of the profession through research and extensive engagement with stakeholders, including firms, regulators, investors, and professional bodies.
As part of a broader global phenomenon, IFAC has identified more than 1,000 accountancy firms worldwide that have experienced private equity investment over the past ten years, with activity accelerating significantly since 2022. While transactions are currently concentrated in Continental Europe, the United Kingdom and Ireland, and the United States, the trend is increasingly shaping the profession globally. The research indicates that fewer than 200 initial or direct private equity investments have facilitated nearly 900 subsequent transactions, underscoring a significant wave of consolidation across the profession.
Lee White, Chief Executive Officer, IFAC said: “Regardless of ownership structure, the integrity, quality, and independence that underpin our work as professional accountants must remain non-negotiable. Trust, confidence, and a steadfast commitment to the public interest are what define the profession—and they must continue to guide its future development. Some firms are exploring private equity as a way to accelerate transformation, strengthen their capabilities, and offer new career pathways.
I would like to thank Fiona Wilkinson and the members of the Private Equity Task Force for their diligent work and thoughtful analysis in advancing this important conversation.”
Fiona Wilkinson, Chair of IFAC’s Private Equity Task Force, said: “As Chair of a task force of volunteers established by IFAC last year, I have had the opportunity to talk with many experts representing different points of view on the potential risks and benefits of PE investment in the accountancy profession. Our approach has been balanced and data-driven.
I encourage leaders in the profession to do the same and to assess whether or not, over the long run, firms that focus on the benefits and opportunities of PE investment—while managing the potential challenges and risks—can become more resilient, future-fit, and more attractive, while upholding their public interest responsibility.”
The objective of this work is to raise awareness and enhance understanding so that accountancy professionals can engage in informed, evidence-based discussions with regulators, clients, and other stakeholders, while providing a globally comprehensive source of data and analysis on this rapidly emerging market trend. IFAC will continue to engage with its member organizations and stakeholders worldwide to monitor developments, share insights, and support the profession in navigating this period of change responsibly and transparently.
Visit the “Private Equity Investment in Accountancy” webpage to access the research, data, and related resources.
About IFAC
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together with the Forum of Firms and other key stakeholders to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.