Governance boosts firms in Nordic region

Underperforming markets in the Nordic region are stirring to life as audit fees steadily rise and rules pertaining to corporate governance reinvigorate business for accounting firms.

The latest IAB survey of accounting firms in Denmark, Finland, Iceland, Norway and Sweden shows overall growth of 4 percent on total combined revenue of €2.1 billion ($2.8 billion). The average growth rate among mid-tier firms – driven in part by some new acquisitions – is 16 percent.

By contrast, the Big Four sustained average growth of just 1 percent, although its market share is 76 percent.

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