Big 4 Accounting firms

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have learned more than 50% of accountancy firms are planning to diversify their range of services. In the other hand no more than 30% of firms expect to maintain the same services they provide to clients in 5 years’ time.

The most popular prospective service, with more than a third of firms planning to provide it in the future are HR and management consultancy. Meanwhile, a quarter aim to offer financial advice to private clients or investments and pensions.

Among all firms, 15% expect to provide client legal services.  Of those surveyed, 13% aim to offer property valuation and 9% commercial legal advice e.g. contracts or employment law.

While the majority (59%) expect to increase their specialism in particular industry sectors, for example manufacturing, retail etc, almost 72% plan to increase their specialization in particular services they already provide, for instance audit and tax.

Mentioned survey has been conducted by Case Ware. Shez Hamill, sales and marketing director of the firm concluded: “The research demonstrates that many of the firms in the Top 100 have a clear strategy of broadening the range of services they offer into other professional areas such as property, law and consulting. They are firmly following the path set by the Big Four, of accountancy firms becoming much broader business advisory practices.”

 

For jobs with some of the leading international consulting firms across the world as well as tier one multinationals, please contact Audit International on 0041 4350 830 95 or else email your current cv to info@www.audit-international.com

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have learned according to the April 2015 Adviser Rankings for the UK, that BDO has retained its premier ranking as the firm with the biggest chunk of AIM clients at 152, just two above KPMG with 150.

In the fourth position we can find PwC with 120 clients, after securing an additional audit win, while Baker Tilly retained its seventh position with 58 clients, after a gain of two, with Crowe Clark Whitehill in eighth with 43 clients.

FTSE AIM 100 ranking as been published as well. In this index, PwC retains its crown with 31 clients, after a gain of three, while BDO move up to fifth with nine clients. Baker Tilly meanwhile kept its seventh spot with four clients, after a gain of one.

Speaking about the sector ranking BDO dominates the basic materials turf with 31 clients. It also bosses the consumer goods market with nine clients, while KPMG takes first place in the consumer service stakes with 16 clients. Grant Thornton leads the technology sector with 27 clients while rising to the top of both the healthcare and industrials sectors. In oil and gas, BDO rule supreme with 25 clients while Baker Tilly and Jeffreys Henry both move up into the top ten.

Finally, KPMG is the dominant auditor of the stock market clients overall with 399, followed by PwC with 360 and Deloitte with 276.

 

For jobs with some of the leading international consulting firms across the world as well as tier one multinationals, please contact Audit International on 0041 4350 830 95 or else email your current cv to info@www.audit-international.com

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have learned the professional services firm PwC has named Stephen O’Hearn as its global insurance leader. He substitutes David Law, who retires in June.

Previously, Mr. O’Hearn led PwC’s insurance practice in New York. However, currently he leads PwC’s insurance practice across Europe, the Middle East and Africa, commonly known as EMEA region, from his office placed in Zurich. O’Hearn is a member of the board of directors of the International Insurance Society as well.

Recently, Mr. O’Hearn declared: “It has been a pleasure to have worked closely with David over many years. He also added regarding his colleague: “His leadership has been key to the development of PwC’s global insurance practice. I am honored to have the opportunity to lead this practice”

Looking at the future he said: “These are exciting times for insurers as they capitalize on innovative technologies to serve the needs of families and businesses. We look forward to supporting the efforts of the insurance industry globally.”

PwC’s outgoing global insurance leader, David Law, said: “It has been a privilege to serve as the leader of PwC’s global insurance practice. I am very proud of our team and the part we have played in helping our clients face the many challenges and opportunities the insurance industry brings”

Regarding his successor he concluded: “Stephen has a wealth of experience and I have every confidence that under his leadership, the practice will continue to go from strength to strength.”

 

For jobs with some of the leading international consulting firms across the world as well as tier one multinationals, please contact Audit International on 0041 4350 830 95 or else email your current cv to info@www.audit-international.com

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have learned the audit, tax and advisory firm, KPMG and SailPoint, the leader in identity and access management have recently signed an alliance that will provide leading information protection solutions to help clients manage and protect their critical information.

This alliance arises just after being published a survey that showed 40 percent of board members of global institutional investors have a “barely acceptable understanding” of their company’s key information, data assets and the potential impact of losing them.

Prasad Jayaraman, KPMG Advisory principal and executive sponsor of the SailPoint alliance declared: “The stakes are high for organizations facing rogue threats, rising customer expectations, profitability pressures and demanding regulatory requirements,” He also added: “Increasingly, they are calling on firms like KPMG and SailPoint to help securely and effectively manage access across large populations of users and applications to improve identity controls and mitigate risk.”

Mentioned alliance combines SailPoint’s next-generation IAM solutions with KPMG’s leading identity management services to help clients safeguard valuable data and applications residing in datacentres on mobile devices and in the cloud.

This alliance include benefits as the ability to reduce risk, address compliance requirements, enhance user experiences, streamline business process controls and increase operational efficiencies and reduce costs, while enhancing the customer experience to expand revenue opportunities.

 

For jobs with some of the leading international consulting firms across the world as well as tier one multinationals, please contact Audit International on 0041 4350 830 95 or else email your current cv to info@www.audit-international.com

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have learned that the prospects for the German economy remain “very good” with the weaker euro helping to offset sluggish growth in some emerging markets, according to recent statements made recently by Ifo (Institute for Economic Research) economist Klaus Wohlrabe.

Europe’s largest economy has started the second quarter on a strong footing and therefore, Germans’ morale rose to its highest level in almost a year in April.

Mr. Wohlrabe explained April’s figures supported its spring forecast for economic growth of 2.1 percent this year in Germany and 1.8 percent in 2016.

Regarding this fact he declared: “The prospects for the German economy continue to be very good, adding he was not concerned about the slight fall in expectations this month. He also opined “The euro’s weakness is compensating for the sluggish development in several parts of the world” clearly pointing to large emerging markets like China, Russia and Brazil.

The German government has raised its growth forecast to 1.8 percent for this year as Germany rides high on a tide of strong private consumption thank to rising employment and ultra-low interest rates.

 

For jobs with some of the leading international consulting firms across the world as well as tier one multinationals, please contact Audit International on 0041 4350 830 95 or else email your current cv to info@www.audit-international.com

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have learned that Auditors in the UK are responding positively, and in some cases quite innovatively, to the UK’s new auditor reporting requirements. This is the main conclusion of a recent UK Financial Reporting Council report “Extended auditor’s reports: A review of experience in the first year”.

Mentioned report studied 153 audit reports between July and September 2014 that were issued under the new regulations. These regulations sought to make auditor reports more meaningful and less boilerplate, requiring auditors to describe assessed risks of material misstatement, explain their application of materiality and describe the scope of the audit.

Among all reports studied, 63 were for FTSE100 companies and 147 were by the 4 largest audit firms. The range of innovations have included the use of diagrams and graphs, the relocation of the audit opinion and more detailed analysis of risks. The innovations, as well as a few areas where improvement is still needed, especially the provision of entity specific disclosures, are set out in the media release.

The IAASB released similar audit report reforms by earlier this year, reflecting significant calls from stakeholders worldwide for audit reports to be more useful and communicative and these have an implementation date of December 2016. A range of resources, known collectively as the Auditor Reporting toolkit have been published by the IAASB to help practitioners become familiar with the new requirements. They include an “At a glance” summary and an accompanying presentation supporting the new and revised standards.

Analogous reforms are also being considered by the US PCAOB and have been implemented in the EU, with the European Federation of Accountants (FEE) recently issuing a report demonstrating how the EU and new IAASB requirements align.

 

For jobs with some of the leading international consulting firms across the world as well as tier one multinationals, please contact Audit International on 0041 4350 830 95 or else email your current cv to info@www.audit-international.com

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have learned the Chartered Institute of Internal Auditors is to update its qualifications to reflect the profession’s increasingly global stance.

IIA organization will adopt the IIA Certified Internal Auditor (CIA) certification, which develops and assesses practitioner skills and the new Qualification in Internal Audit Leadership (QIAL) From June 2015.

The IIA decided to develop the offering, which provides experienced heads of internal audit with the opportunity to gain recognition for their leadership skills and gain chartered status.

IIA’s chief executive, Ian Peters, recently declared: “Internal auditing is now a global profession, as organisations operate in increasingly internationalised and co-dependent markets around the world. This often requires internal auditors to work across borders to consistent standards. In this context, internal audit is playing an increasingly strategic role within organisations”

He also added: “it’s vital that as the demands and expectations on internal auditors grow as a result, and recognition of the value of the profession increases, we are providing qualifications which are globally recognised and which equip practitioners with all the skills they need to help their employers meet today’s challenges”

Finally, he concluded: “We have also seen the specific training needs of employers and internal auditors in all sectors change. Organisations know that internal auditors gain valuable insight and transferable skills, so often a period in internal audit is now a key part of an individual’s career progression.”

Regarding those who currently are studying, a three year transition programme will enable to switch their studies to the new qualifications and for existing qualification holders to add the new designations.

For further information, IIA has published detailed information on its website and The Institute is contacting as well all qualified and studying members to explain how the changes affect.

 

For jobs with some of the leading international consulting firms across the world as well as tier one multinationals, please contact Audit International on 0041 4350 830 95 or else email your current cv to info@www.audit-international.com

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have learned Microsoft and KPMG have announced recently an expansion to their strategic partnership to include a global partnership based on data and analytics, cloud and business offerings.

The deal announced at the end of March, brings together Microsoft’s technology and KPMG, which consults businesses on how to use Microsoft’s Business Intelligence (BI), Analytics and Microsoft Dynamics products to rejuvenate their business operations.

Both companies affirm the strategic collaboration, based on Microsoft’s Azure, Dynamics and data platforms, is designed to “develop and deploy solutions and services that will help address the disruptive challenges topping the Board agenda today.” These include promoting global platforms which deliver cloud-based solutions for Customer Relationship Management (CRM), Enterprise Resource Planning (ERP) and Data and Analytics.

Microsoft and KPMG, under the terms of the extended partnership, will focus on developing new solutions for:

Business solutions: The Big4 Company will use Microsoft’s Dynamics Enterprise Resource Planning and CRM Solutions to expand its transformation and customer and growth engines. KPMG will focus on developing industry-specific solutions and services.

Data and analytics: A new, integrated data and analytics platform using Microsoft’s data solutions within the cloud and in their existing environment using tools from Microsoft Office over Power BI, to machine learning and predictive analytics;

Cloud compliance: Microsoft will provide hyper-scale, enterprise-grade and hybrid cloud technologies. KPMG will work with clients to help ensure compliance requirements.

 

For jobs with some of the leading international consulting firms across the world as well as tier one multinationals, please contact Audit International on 0041 4350 830 95 or else email your current cv to info@www.audit-international.com

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have learned “The Big Four” controlled two thirds of global accounting market share in 2014 with a combined $120.2bn in fee income. Recently published figures show that all of the Big Four have increased fee income. In 2013 Deloitte reported fee income of $32.4bn, just ahead of PwC with $32bn. EY came in third with $25.9bn, followed by KPMG with $23.4bn.

According to recent publications, Deloitte retains its lead over PwC with £22.53bn in global income. It is the first time the global accounting network has retained number one spot in consecutive years, beating rival PwC by $248m. However, Price Waterhouse Coopers, is yet to see the impact of the acquisition of global consultancy Booz & Co, which was finalised in the last few months of its 2014 financial year.

As long as the gap between the top two firms has narrowed, the gap between them and third ranked EY has been increasing – from $1.9bn in 2004 to $6.5bn in 2014. EY reported fee income of $27.3bn and fourth ranked KPMG $24.8bn in 2014. Furthermore, the gap between the Big Four and the nearest competitor, BDO, has widened by over $7bn in the past decade from $10.6bn in 2004 to $17.8bn in 2014, according to the survey of global accounting firms conducted by International Accounting Bulletin (IAB).

Altogether 52 top international accounting networks and associations earned a combined $181.7bn in fees in 2014, up 6% year-on-year. In the past few years advisory and strategic acquisitions have driven mentioned growth. Recently published report shows that since 2004 the Big Four combined have increased their advisory revenues by over $33bn while audit and accounting revenues increased by $14bn and tax work revenues by $10.2bn in the same time period. Previously mentioned M&A was one of the main drivers of growth for the largest firms, with deals such as the PwC acquisition of Booz & Co., EY’s acquisition of The Parthenon Group as well as its merger with KPMG Denmark, and KPMG’s many consultancy and analytics business acquisitions in the US and Europe.

 

For jobs with some of the leading international consulting firms across the world as well as tier one multinationals, please contact Audit International on 0041 4350 830 95 or else email your current cv to info@www.audit-international.com

According to a recent survey entitled The World in 2050: Will the shift in global economic power continue? published by PwC economists, the global economic power shift away from the established advanced economies in North America, Western Europe and Japan will continue over the next 35 years, in spite of a projected slowdown in Chinese growth after around 2020.

Mentioned report also presents long-term projections of potential GDP growth up to 2050 for 32 of the largest economies in the world, covering 84pc of total global GDP. The document indicates as well that the world economy is projected to grow at an average of just over 3pc per annum from 2014–50 – doubling in size by 2037 and nearly tripling by 2050.

However, there’s likely to be a slowdown in global growth after 2020, as the rate of expansion in China and some other major emerging economies moderates to a more sustainable long-term rate, and as working age population growth slows in many large economies.

John Hawksworth, PwC chief economist and co-author of the report, said regarding this fact: “There are different ways of comparing the size of economies, but we project that China will be the largest economy by 2030 on any measure,” He also added: “Nevertheless, we also expect its growth rate to slow markedly after around 2020 as its population ages, its high investment rate runs into diminishing marginal returns and it needs to rely more on innovation than copying to boost productivity. Eventual reversion to the global average has been common for past high growth economies such as Japan and South Korea and we expect China to follow suit.
Finally, he concluded about another of the most powerful economies of the world: “India has the potential to sustain its higher growth rate for longer and become a $10trn economy by around 2020 in purchasing power (PPP) terms, or around 2035 at market exchange rates. But this relies on India making sustained progress on infrastructure investment, institutional reforms and boosting education levels across the whole population.”

 

For jobs with some of the leading international consulting firms across the world as well as tier one multinationals, please contact Audit International on 0041 4350 830 95 or else email your current cv to info@www.audit-international.com