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.’
Richard Oddy, Casper Kaars Sijpesteijn and Rory Goldthorpe have been appointed to senior roles in key sectors of high growth, with a further 17 junior and experienced hires
Richard White, Nicola Westbrooke and Richard Ross all join from KPMG, where they oversaw the real estate tax practice
Sheryl Davis joins the firm's High Wycombe office from Barnes Roffe
The appointments have been made across the VAT, audit and international tax teams