The mid-tier firm quoted its own research which found that in the world’s
eight largest economies, the Big Four are responsible for up to 99% of large
public company audits.
‘By failing to select non-Big audit firms, the world’s largest public
interest entities have, in recent years, fed a systemic risk inherent within
international capital markets which is now so pronounced that in the event of
the Big Four becoming a Big Three, international markets could fall into
disarray,’ claimed Steve Maslin, head of external professional affairs at Grant
Analysis of auditor concentration among the
economies revealed a high of 99% in Italy, followed by the UK (98%), the US
(97%), Canada (96%) and Russia (90%). Japan revealed a lower auditor
concentration of 84%.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester