Poland's audit market is seeing a shift as smaller audit firms are increasingly chosen over larger ones for auditing Public Interest Entities (PIEs). This trend is emerging because larger firms are focusing on advisory services, which offer higher profits and less liability.
Smaller Polish audit firms are now boasting talent on par with their larger counterparts. This is due to experienced professionals moving between firms, the spread of knowledge, and the adoption of new technologies. As a result, audit committees and supervisory boards are recognizing that smaller auditors can provide similar quality services at more competitive prices.
Experts believe the market is stabilizing. The largest companies will likely continue to be audited by the Big Four firms, while medium and small entities will turn to mid-sized firms. Furthermore, amendments to the Polish Accounting Act, effective January 1, 2025, introduce new financial thresholds for mandatory audits, potentially impacting which companies require audits.