The public accounting market - France

The chartered accountant is an accounting professional whose profession is governed by the Ordre des experts-comptables. They keep the accounts of commercial and civil enterprises, as well as non-profit associations. To avoid conflicts of interest, the chartered accountant may not be an employee of any of the structures he or she supports. In France, the profession is regulated by Ordinance no. 45-2138 of September 19, 1945, and Decree no. 2012-432 of March 30, 2012. Chartered accountants' missions are subject to a monopoly, and all firms must be registered with the Order in order to practice. In France, the sector is experiencing significant and steady growth. It is estimated that sales of accounting services will increase by 47.2% between 2015 and 2024. A number of factors are contributing to the sector's growth, not least the changing regulatory framework with the arrival of the prélèvement à la source (withholding tax) in 2019, the implementation of the VAT anti-fraud law, and so on. Customers want support in understanding these changing regulations. However, the Pacte law, has shaken up the sector by raising statutory audit thresholds and resulting in a loss of potential revenue for firms' statutory audit activities. Other measures, aimed at broadening the scope of expertise of chartered accountants, could, however, counterbalance the raising of thresholds. The tariff change applied in 2024 by Silae,france's leading payroll software provider, has also outraged the Ordre des Experts-Comptables. Chartered accountants often compete on the basis of their specialization and location. There are major firms (EY, Deloitte, KPMG, etc.), groupings (In Extenso), associations (CER France) and independent firms. Today, we are witnessing a transformation of the profession, with several reforms concerning the clientele of audit and chartered accountancy firms in particular. As a result, players are seeking to diversify their range of skills by teaming up with players in the consulting and wealth management sectors.