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US cos stick with the Big Four
Washington, Oct 03: Most large US companies won`t even consider hiring an auditor from outside the ranks of the `Big Four` accounting firms, but most said they`d prefer having more than four big firms, said a survey released on Tuesday.
Washington, Oct 03: Most large US companies won’t even consider hiring an auditor from outside the ranks of the ‘Big Four’ accounting firms, but most said they’d prefer having more than four big firms, said a survey released on Tuesday.
Technical skills, reputation and audit capacity were reasons cited for sticking with the Big Four, said the survey by the General Accounting Office, an investigative arm of Congress.
The poll of 158 big corporations found that 88% insisted on a Big 4 audit, while 86% said, “They would prefer a market with more than four big firms.” Consolidation in the accounting business has been a topic of some concern in corporate America since the Big 5 was trimmed to the Big 4 by the downfall of former accounting giant Andersen in the Enron scandal.
The surviving top firms — PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte & Touche — audit the books of 78% of US companies. Bureau Report
The poll of 158 big corporations found that 88% insisted on a Big 4 audit, while 86% said, “They would prefer a market with more than four big firms.” Consolidation in the accounting business has been a topic of some concern in corporate America since the Big 5 was trimmed to the Big 4 by the downfall of former accounting giant Andersen in the Enron scandal.
The surviving top firms — PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte & Touche — audit the books of 78% of US companies. Bureau Report