Big 4 firms lost a combined 64 public company audit engagements in 2014 as second-tier national firms snatched up a combined 58 new clients, according to the latest data on auditor changes.
Audit Analytics annual summary of auditor changes says KPMG is the only Big 4 firm to win more new engagement than it lost in 2014, picking up 48 new clients and losing 33 for a net gain of 15. The data shows KPMG gained 26 of its new clients from national and regional or local firms, but lost 28 of its engagements to those same firms. It gained 22 engagements away from other Big 4 firms but lost only five to its largest competitors. Last year, Big 4 firms lost 37 engagements while second-tier national firms gained 43.
