On Monday, the SEC proposed changing the rules to keep auditor committees and auditors from spending time on "non-substantive" rule breaches.
The 14% decline in U.K. profits "follows a series of reputational setbacks for KPMG over the past two years."
A certain federal agency should take over all public company audits, suggests a former Big Four auditor and current accounting software company CEO.
“By failing to hold the Big Four accountable [for audit deficiencies], the board is putting all Americans’ financial futures in jeopardy.”
The SEC's case against KPMG demonstrates that sloppy audits and conflicts of interest aren't the only challenges the Big Four face.
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.
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.
“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."
Heading into the new year, technology is starting to wipe out lower-level number crunchers in favor of mid-level team members focused on strategy.
The sudden failure of U.K. construction firm Carillion exposes the limits of public company auditing and sparks discussion of reforms.
The longer the tenure of a company's Big Four auditor, the greater the fee — even though the effort required of the auditor lessens over time.
Lawmakers have labeled the four firms a “cozy club incapable of providing the degree of independent challenge needed” for auditing public companies.
