The majority of partner level roles in UK audit and accountancy firms are held by white men, and a third of firms do not even collect diversity data for their workforce, according to the FRC’s upcoming Key Facts and Trends in the Accountancy Profession report.

While women and ethnic minority groups are increasingly being appointed to middle management roles at accountancy firms, the firms - which ironically advise large corporations on their own diversity and inclusion strategies - need to do far more to maximise their pipeline of future talent and promote women, BAME and disabled employees to the top levels of management, the report states.

While women make up 46% of manager level roles at audit and accountancy firms, just 17% of women rise to partner level roles.

A similar trend can be seen at smaller firms with less than 200 employees, where 52% of manager level roles are held by women, but just 11% of women hold partner level roles.

Encouragingly, the industry has a strong pipeline of future talent with women making up 37% of professional body membership, up from 35% in 2014.

The FRC is challenging firms to take rapid action to address this gap and report on their progress, for example by signing up to the UK government’s Equalities Office pledge.

FRC chief executive Sir Jon Thompson said: “The business case for improved diversity has been made and now it’s time for the audit and accountancy profession to take further positive action.

“While it is encouraging to see more firms implementing diversity and inclusion strategies and more women, ethnic minority groups and disabled people being appointed to middle management roles, more needs to be done to ensure the firms are not limiting access to the most senior roles.”