The audit market for Bolsa de Madrid listed companies that comprise the three IBEX indices in Spain remains highly concentrated. The 84 companies on the top market cap índices – IBEX 35, IBEX Medium Cap and IBEX Small Cap – are all audited by a total of five accounting firms. Together, the Big Four audit firms account for 99% of engagements on these indices as of fiscal year-end 2021. Marzars held the remaining market share. The addition of Mazars in this market represents a departure from the market share seen in 2020 and 2019.

In this article, Audit Analytics further examines Spain’s audit market of the top companies for fiscal year 2021.