Research from mid-tier rival BDO Stoy Hayward showed that much work currently undertaken by Big Four firms, especially non-audit work, will be seen as a conflict of interest under Sarbanes-Oxley and the companies may be forced to abandon it to competitors. Research estimates PricewaterhouseCoopers alone has £370m of work at risk from Sarbanes-Oxley while KPMG and Deloitte & Touche could lose around £120m each.
A lot of this work will go to Big Four rivals but BDO expects some of this work may reach mid-tier firms as companies reassess how they buy their professional services.
Gervase MacGregor, the partner at BDO Stoy Hayward, which carried out the research, said: ‘I have seen large companies prepared to look outside the global firms, often because conflicts of interest take out half of the Big Four from consideration.’
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It has been another glittering night in the accountancy calendar. A range of practices big and small, plus outstanding individuals, have been rewarded for their efforts in the British Accountancy Awards 2016