KPMG, PwC Tie for Top Spot as Poland's Stock Market Auditors Face Consolidation

Warsaw's stock market has experienced a remarkable boom, with 2025 marking a record year for trading volumes and substantial index growth, a trend that has continued into 2026 despite geopolitical uncertainties. This vibrant market, comprising 402 companies on the main market and 355 on NewConnect, is a testament to Poland's economic dynamism. Naturally, this thriving environment brings intense competition and shifts among the key players, including the auditors who ensure the transparency and reliability of financial reporting for these listed entities.

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Serving companies listed on the stock exchange is one of the most demanding and responsible areas of activity for audit firms. It requires the highest quality standards, experience, and full readiness to work in a dynamic and regulated environment.

The latest rankings of auditors for publicly traded companies reveal significant reshuffling. While PwC and KPMG now share the leading position, Grant Thornton and UHY ECA have also made notable advances. This dynamic landscape underscores the high stakes and demanding nature of auditing listed companies, requiring the highest quality standards, extensive experience, and adaptability to a fast-paced, regulated environment. For these firms, serving the capital market is a strategic priority, crucial for investor confidence and market integrity.

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The market for auditors does not yet show signs of stabilization and is subject to dynamic changes. KPMG consistently develops cooperation with large PIEs, treating this segment as strategic.

However, this growth and competition occur against a backdrop of increasing market concentration. The number of firms auditing Public Interest Entities (PIEs) has declined, a trend confirmed by the Polish Audit Oversight Agency (PANA). This consolidation is partly influenced by regulatory adjustments, such as the move towards a "black list" of prohibited services, aligning with EU standards and allowing audit firms to offer more comprehensive services. This shift aims to facilitate smoother operations for PIEs and ensure auditor independence, reflecting a broader effort to modernize and streamline the auditing profession in Poland.

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Audit firms will finally be able to provide their clients with more comprehensive services, and those operating in networks – in a consistent manner across the continent.