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%.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned