KPMG closes FTSE 100 audit gap on PwC

KPMG closes FTSE 100 audit gap on PwC

KPMG narrows gulf between itself and FTSE 100 audit leader PricewaterhouseCoopers after biggest shake-up in recent times

The largest FTSE 100 shake-up in recent memory has seen KPMG close the gap
between itself and frontrunner PwC in terms of blue-chip audits.

On Christmas Eve, 14 companies will change positions in the FTSE 100 and FTSE
250 indices after FTSE chiefs completed a quarterly review yesterday.

PwC still holds the biggest share of audits with 40, but KPMG now signs off
the books on 24 of the UK’s 100 biggest companies in terms of market capital.

Deloitte and Ernst & Young now both have 18 FTSE 100 audits each.

Cairn Energy, Kelda, TUI Travel, FirstGroup, G4S, Admiral and Thomas Cook
entered the FTSE 100 as a result of the review.

The effects of Northern Rock’s exposure to the sub-prime crisis hit home as
the lender became one of the highest casualties of the shake-up.

In total, the Daily Mail group, DSG International and Barratt Developments,
audited by Deloitte; Northern Rock and Tate & Lyle, audited by PwC;
together with Mitchell & Butlers and Punch Taverns, audited by E&Y were
relegated from the FTSE 100.

Despite Deloitte making ground on PwC, the leading Big Four firm still dwarfs
its rivals in terms of Big Four audits, which is sure to fan the flames of the
audit concentration debate that has raged in the accountancy profession during
recent times.

Further reading:

PwC still
king of FTSE

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

2m

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

6m

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

1m

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

2m

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource