2020 Audit Market Share of Depository Institutions

Insured depository institutions with total assets above $500 million are required to obtain an audit of their financial statements by an independent auditor to comply with the Federal Deposit Insurance Corporation (FDIC) regulation Part 363 – Annual Independent Audits and Reporting Requirements.

Most institutions fall into two groups: Bank Holding Companies (BHCs), comprising 75.5% of the market, and Domestic Financial Holding Companies (FHDs), comprising 18.0% of the market. However, the remaining 6.4% of the market consists of other smaller groups, including Other Domestic Entities, Savings & Loan Holding Companies, and Intermediate Holding Companies.

Additionally, here is the depository institution market breakdown by entity.

In contrast to the public company market, the Big 4 accounting firms do not audit the majority of insured depository institutions. As a result, the auditor market share of depository institutions is quite diverse. In 2020, 249 different firms audited 2,331 depository institutions that issued audited financial statements.

Additionally, we have the Auditor Market Share of Depository Institution Clients (2020)
Firstly, BKD has 228 clients and 9.8%of the market share.
Secondly, Crowe has 216 clients and 9.3% of the market share.
Thirdly, Eide Bailly has 101 clients and 4.3% of the market share.
Fourthly, RSM has 94 clients and 4.0% of the market share.
Fifthly, Mauldin & Jenkins has 88 clients and 3.8% of the market share.
Sixthly, Wipfli has 87 clients and 3.7% of the market share.
Seventhly, CliftonLarsonAllen has 76 clients and 3.3% of the market share.
Eighthly, Moss Adams has 61 clients and 2.6% of the market share.
Ninthly, KPMG has 59 clients and 2.5% of the market share.
Tenthly, SR Snodgrass has 51 clients and 2.2% of the market share.
Eleventhly, Elliott Davis has 51 clients and 2.2% of the market share.
Twelfthly, Plante & Moran has 44 clients and 1.9% of the market share.
Thirteenthly, EY has 42 clients and 1.8% of the market share.
Fourteenthly, Fortner Bayens Levkulich & Garrison has 38 clients and 1.6% of the market share.
Fifteenthly, Dixon Hughes Goodman has 37 clients and 1.6% of the market share.
Sixteenth, Wolf & Company has 34  clients and 1.5% of the market share.
Seventeenth, Baker Tilly has 32 clients and 1.4% of the market share.
Eighteenth, Deloitte has 31 clients and 1.3% of the market share.
Nineteenth, Yount Hyde & Barbour has 28 clients and 1.2% of the market share.
Nineteenth, Baker Newman & Noyes has 28 clients and 1.2% of the market share.

In the total insured depository institution audit market, national firm BKD leads with 9.8% of the market. Other non-Big 4 firms round out the top 5 auditors: Crowe, Eide Bailly, RSM, and Mauldin & Jenkins. Despite the diversity in audit firms, there is a concentration at the top in this market. The top 20 audit firms audit 61.2% of insured depository institutions. 229 audit firms share the remaining 38.8% of the market.

Bank Holding Companies vs. Domestic Financial Holding Companies

A bank holding company owns and/or controls one or more U.S. banks or has a controlling interest in one. Comparatively, domestic financial holding companies engage in a broad range of banking-related activities. This includes insurance underwriting, securities dealing, and investment advisory services. Because of diverse operations, financial holding companies have a greater amount of assets, necessitating a more complicated audit.

Additionally, we have the Auditor Market Share of BHCs.
Firstly, BKD has 163 clients and 9.3%of the market share.
Secondly, Crowe has 140 clients and 8.0% of the market share.
Thirdly, Eide Bailly has 85 clients and 4.8% of the market share.
Fourthly, Mauldin & Jenkins has 79 clients and 4.5% of the market share.
Fifthly, Wipfli has 78 clients and 4.4% of the market share.
Sixthly, RSM has 69 clients and 3.9% of the market share.
Seventhly, CliftonLarsonAllen has 56 clients and 3.2% of the market share.
Eighthly, Moss Adams has 50 clients and 2.8% of the market share.
Ninthly, Elliott Davis has 42 clients and 2.4% of the market share.
Tenthly, SR Snodgrass has 37 clients and 2.1% of the market share.

Next, we have the Auditor Market Share of FHDs
Firstly, Crowe has 61 clients and 14.5%of the market share.
Secondly, BKD has 57 clients and 13.6% of the market share.
Thirdly, EY has 27 clients and 6.4% of the market share.
Fourthly, KPMG has 23 clients and 5.5% of the market share.
Fifthly, RSM has 20 clients and 4.8% of the market share.
Sixthly, Deloitte has 18 clients and 4.3% of the market share.
Seventhly, PwC has 14 clients and 3.3% of the market share.
Eighthly, CliftonLarsonAllen has 13 clients and 3.1% of the market share.
Ninthly, Eide Bailly has 12 clients and 2.9% of the market share.
Tenthly, SR Snodgrass has 10 clients and 2.4% of the market share.

The auditor market share of BHCs and FHDs reflects the differences in the entities’ operations. The top 10 firms in the BHC market consist entirely of national and regional firms, with BKD in the lead. In contrast, the Big 4 firms have a bigger slice of the FHD market, collectively auditing 19.5% in 2020.


This analysis uses 2020 data from the OIA Financial Services – Bank Holding Company database, powered by Audit Analytics, and is based on auditor data pulled in December 2021.

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