Big Four Archives - CFO

U.K. Proposes Reforms to Upgrade Audit Sector

U.K. Proposes Reforms to Upgrade Audit Sector

“It's clear from large-scale collapses like Thomas Cook, Carillion and BHS that Britain's audit regime needs to be modernized."

By Matthew Heller | March 18, 2021

Audit Chairs Give 2020 Audits Mixed Reviews

Audit Chairs Give 2020 Audits Mixed Reviews

In discussions with the PCAOB, audit committee chairs cited areas of auditor strengths and weaknesses.

By Vincent Ryan | February 2, 2021

Kaiser to Leave PCAOB; Chief Auditor to Replace Him

Corporate Finance

Kaiser to Leave PCAOB; Chief Auditor to Replace Him

Megan Zietsman, chief auditor and director of professional standards of the PCAOB, will replace Jim Kaiser, who is retiring.

By Vincent Ryan | October 15, 2020

Deloitte Fined Record $19M Over Audit Failures

Risk & Compliance

Deloitte Fined Record $19M Over Audit Failures

A U.K. investigation found the Big Four firm liable for “serious and serial failures” in its audits of software firm Autonomy.

By Matthew Heller | September 18, 2020

Deloitte to Create Independent Audit Board

Risk & Compliance

Deloitte to Create Independent Audit Board

The new board is part of Deloitte's plan to implement U.K. regulatory changes after a series of high-profile audit failures at Big Four accounting firms.

By Matthew Heller | September 11, 2020

Big Four Heading for Audit Shakeup in U.K.

Big Four Heading for Audit Shakeup in U.K.

The U.K.'s accounting watchdog has asked the firms to submit a plan by Oct. 23 for separating their audit and consulting businesses.

By Matthew Heller | July 7, 2020

Anatomy of a Short Attack

Investor Relations

Anatomy of a Short Attack

The current conditions of the COVID-19 pandemic have created a perfect storm for companies that are subject to an attack by short-sellers.

By Vincent Ryan | May 26, 2020

SEC Planning to Loosen Auditor Independence Rules

SEC Planning to Loosen Auditor Independence Rules

On Monday, the SEC proposed changing the rules to keep auditor committees and auditors from spending time on "non-substantive" rule breaches.

By Vincent Ryan | January 2, 2020

Audit Woes in U.K. Hit KPMG’s 2019 Profit

Financial Performance

Audit Woes in U.K. Hit KPMG’s 2019 Profit

The 14% decline in U.K. profits "follows a series of reputational setbacks for KPMG over the past two years."

By Matthew Heller | December 13, 2019

Audits Are Broken. Here’s a Radical Way to Fix Them.

Risk & Compliance

Audits Are Broken. Here’s a Radical Way to Fix Them.

A certain federal agency should take over all public company audits, suggests a former Big Four auditor and current accounting software company CEO.

By David McCann | November 27, 2019

Watchdog Slams PCAOB Oversight of Big Four

Watchdog Slams PCAOB Oversight of Big Four

“By failing to hold the Big Four accountable [for audit deficiencies], the board is putting all Americans’ financial futures in jeopardy.”

By Matthew Heller | September 6, 2019

Audit Firms’ Problems Are Also Cultural

Audit Firms’ Problems Are Also Cultural

The SEC's case against KPMG demonstrates that sloppy audits and conflicts of interest aren't the only challenges the Big Four face.

By Vincent Ryan | June 18, 2019

KPMG to Restructure Audit Business in U.K.

KPMG to Restructure Audit Business in U.K.

The Big Four firm says it wants to "restore trust in audit" but a U.K. regulator indicates the changes don't go far enough.

By Matthew Heller | May 17, 2019

U.K. Watchdog Calls for Audit Market Makeover

U.K. Watchdog Calls for Audit Market Makeover

The Competition and Markets Authority stopped short of recommending the Big Four be broken up in response to a series of high-profile audit failures.

By Matthew Heller | April 18, 2019

U.K. Lawmakers Urge Full Breakup of Big Four

Risk & Compliance

U.K. Lawmakers Urge Full Breakup of Big Four

“The Big Four’s dominance has fostered a precarious market which shuts out challengers and delivers audits which investors and the public cannot rely on."

By Matthew Heller | April 3, 2019