All Big Four articles
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News BriefFRC probing Deloitte work at retailer Joules Group
The U.K. Financial Reporting Council launched an investigation into the work of Big Four audit firm Deloitte at collapsed clothing retailer Joules Group.
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News Brief
FRC probing KPMG audit of Carr’s Group
The U.K. Financial Reporting Council is investigating the work of Big Four firm KPMG during a 2021 audit at agriculture and engineering services provider Carr’s Group.
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News Brief
KPMG fined $1.1M for admitted deficiencies in Luceco audit
Big Four audit firm KPMG and one of its former directors were disciplined by the U.K. Financial Reporting Council regarding eight admitted breaches of relevant requirements in their fiscal year 2016 work at lighting and wiring product distributor Luceco.
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News Brief
EY Germany receives two-year ban over Wirecard audit work
Big Four audit firm EY will be prohibited from taking on new public interest clients in Germany for two years following an investigation into its work at collapsed payment processor Wirecard.
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Premium
Audit client turnover 2022: Deloitte gains among Big Four, Marcum biggest winner
Deloitte was the only Big Four audit firm to net positive in new public company clients in 2022, while Marcum saw the largest overall gains a year removed from losing 110 clients, according to the latest annual study.
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News Brief
PwC fined $6.6M over Babcock International, Devonport audit breaches
The U.K. Financial Reporting Council fined Big Four firm PwC more than £5.6 million (U.S. $6.6 million) for failing to challenge management, obtain sufficient evidence, and follow basic requirements while conducting audits of a British defense contractor and its subsidiary.
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News Brief
FRC probing PwC audits at collapsed property group Intu
The U.K. Financial Reporting Council launched an investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
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Premium
Audit exam cheating findings spark concern of endemic trend
Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
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News Brief
FRC probing EY audit of Veolia unit
The U.K. Financial Reporting Council launched an investigation into Big Four audit firm EY’s work at Scotland-based Stirling Water Seafield Finance.
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Article
PCAOB 2021 inspection reports: PwC sees best results again; EY deficiencies increase
For the second straight year, PwC fared the best among inspection results released by the Public Company Accounting Oversight Board for the largest U.S. audit firms, including each of the Big Four, Grant Thornton, and BDO.
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Article
FRC 2021/22 audit inspections: KPMG praised; BDO and Mazars rebuked
Improvements at KPMG resulted in each of the Big Four returning no audits requiring significant improvement during an inspection cycle for the first time in the last five years, according to the U.K. Financial Reporting Council’s latest quality review results.
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Article
New sanctions add ban on U.S. accounting, management consulting work in Russia
The Treasury Department unveiled a host of new sanctions against Russian and Belarusian individuals and banks, in addition to a ban on U.S.-based accounting, management consulting, and trust and corporate formation services to any person located in the Russian Federation.
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Article
Audit client turnover 2021: Deloitte, Grant Thornton lead national firms; EY, KPMG, PwC see declines
Deloitte and Grant Thornton each had net increases in new public company audit clients in 2021, but all but one of the other Big Four and global and national firms experienced net decreases or no change, according to the latest annual study.
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Article
Reported SEC probe of Big Four taking page from U.K. breakup plans?
The Securities and Exchange Commission is reportedly investigating whether large audit firm consulting services affect auditor independence. Any action taken might mirror the United Kingdom’s ongoing actions to break up the Big Four’s dominance.
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Article
Growing list of companies halting Russian operations
As the Russia-Ukraine crisis unfolds, companies around the world have announced changes to their supply chains to reduce their footprint in Russia. Compliance Week looks at how businesses across multiple industries are responding.
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Article
PCAOB 2020 inspection reports: PwC bucks deficiency trend, dethrones Deloitte
PwC ended its three-year run of increasing deficiency percentages to boast the lowest rate among Big Four firms in the PCAOB’s 2020 inspection reports—the first time Deloitte hasn’t performed best since 2016.
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Article
Big Four mishaps in U.K. underscore need to challenge auditors
Companies should question their auditors throughout the audit process, particularly in the wake of a spate of recent enforcement actions in the United Kingdom targeting the Big Four and other large firms for audit deficiencies.
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Article
U.K. audit breakup plan hits snag without Big Four support
The Big Four audit firms have refused to back a U.K. government plan to break their dominance of the market by forcing them to share work with smaller competitors to give them a foothold.
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Article
FRC 2020/21 audit inspections: KPMG rebuked over continued struggles
The U.K. Financial Reporting Council released the results of its 2020/21 audit quality inspections, in which it singled out KPMG for “unacceptable” deficiencies regarding the firm’s audits of banks and similar entities.
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Article
Study: Big Four audit hold still strong despite 2021 dip
The Big Four’s dominance on the public company audit market remains despite a slight dip in numbers in the last year, according to the latest research from Audit Analytics.
