Fiscal year (FY) 2022 has reversed the upward trends seen for initial public offerings (IPOs) over the past five years, experiencing record declines across nearly all categories. Marcum took the lead for all 2022 IPOs with 43 clients, representing 22.5% of the market share. Friedman followed with 18 clients at just over 9%. Following Friedman’s merger with Marcum in September 2022, 15 of Friedman’s IPO clients are currently being audited by Marcum. In total, the top 10 audit firms made up 67.5% of the IPO audit market share in 2022. 

In this article, Audit Analytics further examines the decline in IPO audit market share for fiscal year 2022.