Banking institutions are defined as financial institutions which are legally allowed to accept monetary deposits from consumers. Audit Analytics’ Bank Holding Companies database collects records dating back to 2005 and covers all banking institutions that file forms FR Y-9C, FR Y-9LP, or FR Y-9SP. This database provides information on who audits banking institutions as well as several other key data points, including assets, revenue, geographical data, and accounting and legal fees.
As of Q4 2021, there were 224 firms conducting audits of 2,255 different banking institutions. In this analysis, we look at the 2021 audit firm market share of banking institutions broken down by Bank Holding Companies (BHC), Domestic Financial Holding Companies (FHD), and Other Institutions.
Overall, BKD led the market share with 221 clients, auditing 9.8% of all banking institutions. Crowe followed closely with 208 clients at 9.2%. With over 200 audit firms in this market for 2021, each remaining firm held less than 5% of the market share. Little has changed from 2020, with the top nine firms remaining identical between the two years.
Bank Holding Companies
Bank Holding Companies (BHC) are the most common type of banking institution, making up 75.5% of all records in our banking institutions database for 2021. There was a total of 1,702 Bank Holding Companies audited by 208 firms.
The BHC market share coincides with the overall market standings, with BKD (8.8%), Crowe (8.1%), and Eide Bailly (5.1%) in the lead. Combined, the top 10 firms in this sector make up 45.8% of the market share. The remaining 198 firms audit less than 2% of the market each.
Domestic Financial Holding Companies
Domestic Financial Holding Companies (FHD) represent 18.6% of all records in our banking institutions database for 2021. There was a total of 419 Domestic Financial Holding Companies audited by 84 different firms.
BKD and Crowe are the leading firms again, with 14.8% and 13.6% of the market share, respectively. KPMG and EY tied for a distant third with 6.2% of the market each. The top 9 firms in this sector make up 58.9% of the market share. The remaining 75 firms audit less than 2% of the market each.
Banking institutions categorized as Other represent two, less common types of institutions: Intermediate Holding Companies (IHC) and Savings and Loan Holding Companies (SLHC). Combined, these companies make up only 5.9% of all records in our banking institutions database for 2021.
Fifty firms audited a total of 134 companies in this market. Crowe led the market share with 13 clients, representing 9.7% of the market share. BKD followed with 6.7%, while KPMG and PwC tied for third with 6% each. The top 9 firms in this sector make up just over half of the market share at 50.75%.
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