Data Points: Registered Firm Staffing Trends

Figure 1 plots aggregate registered firm staffing levels by Form 2 reporting year. Figure 2 plots the staffing levels divided by aggregate issuer revenues reported on financial statements having fiscal year ends falling within respective Form 2 reporting years.

• Figure 1 shows that registered firm staffing levels have increased steadily. The growth rate of other accountants was roughly double the growth rate of CPAs over the sample period.¹
• Figure 2 shows that registered firm staffing levels relative to issuer revenues—a proxy for the volume of audit work—have also increased.

Data

OERA staff economists obtained registered firm staffing levels from Form 2 filings and issuer revenues from Compustat. Registered firms that had no issuer clients with revenue reported in Compustat for a given Form 2 reporting year were excluded.² Staff adjusted issuer revenues to 2025 U.S. dollars using the Consumer Price Index. Registered firm staff may work on matters unrelated to issuer audits.

Figure 1. Registered Firm Staffing (thousands)

Figure 2. Registered Firm Staffing Per Billion U.S. Dollars of Issuer Revenue