Posts Tagged “audit services”

Within the audit market the Big 4 audit firms are Price Waterhouse Coopers (PWC), Ernst & Young (EY), Deloitte and KPMG. The Big 4 are the 4 audit firms who dominate the audit market.

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Grant Thornton has won the audit contract of the IFRS Foundation. The tender went out to the audit market and it involved seven audit firms battling it out to win the audit contract.

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KPMG aims to help clients unlock tangible value of their ‘big data’. The audit firm is now branching into data and analytics (D&A).

Companies are trying to stay one step ahead of their competitors by analysing their data and changing it into meaningful insights. Even though companies see this as an important part of the business, some struggle to do it effectively. The challenges they face are trying to determine which data to collect and getting value from their analytics.

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The range of businesses that are exempt from having an audit may be increased. This will ultimately result in the quality of company accounts deteriorating, experts have warned.

Changes to the EU’s Accounting Directive that were voted through European Parliament earlier this year, could see member states considerably increase the size of businesses that do not require audited financial statements.

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Big Four and mid-tier firms have showed strong support for the Competition Commission’s final report on the statutory audit market. There has been widespread acceptance that change was needed within the audit market.

James Chalmers, head of assurance at PwC, said: ‘This is a sensible outcome. After almost two years and a thorough process, the Competition Commission has put forward a significant package of proposals, including mandatory re-tendering every ten years, increased accountability of auditors to audit committees, and additional responsibilities for the Financial Reporting Council (FRC). Taken together, these measures will enhance competition, transparency and quality.’

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Grant Thornton LLP has achieved record high annual revenue mark. $1.274 billion in revenue was generated in fiscal year 2013 which is up 5 percent from the previous year.

There has been revenue increases across various service lines at Grant Thornton. Advisory services are top with a 9 percent increase from 2012. Audit services has increased 2 percent and Tax services increased 6 percent in annual revenue. There was also great increases in the firm’s financial services, energy and health care practices.

In a statement Grant Thornton CEO Stephen Chipman said, “Attaining record revenues in a still tepid economic environment is a testament to our long-term strategy of focusing on dynamic, mid-sized clients that are poised for growth.”  “We continue to invest in talent who make a marked difference in the quality and breadth and depth of our services to clients in our chosen markets.”

The firm has also said that it resolved several long-standing legal matters throughout the year. Also it made several notable investments, including the opening of a shared service centre in Bangalore, India, and the recent acquisition of the Oracle Solutions business unit of MarketSphere LLC .

KPMG HAS HELD onto its top spot as auditor for stock market clients with 376 listed clients followed by PwC, Deloitte, EY and BDO respectively.

However, Mazars fell one place to 14 from 13 in the latest Adviser Rankings listing of audit clients. RSM Tenon fell to15th spot from 14, while Chantrey Vellacott DFK moved up to 12th from 14.

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The Institute of Internal Auditors plans to open a new American Center for Government Auditing in early 2014 and has hired a new director to run it.

The ACGA will offer specialized services to meet the needs of public sector internal auditors. James Pelletier, city auditor for Palo Alto, Calif., will leave his current post and begin working at the IIA’s global headquarters in Altamonte Springs, Fla., next month, the IIA announced Monday. Pelletier has more than 15 years of internal audit experience in both the public and private sectors. He previously served as chief auditor for the county of San Diego and has been an active IIA volunteer for several years, including serving as a member of the International Public Sector Committee.

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Internal Auditors Could Make External Audits More Efficient, that is according to audit profession leaders.

If internal auditors are frustrated about the extent to which external auditors rely on their work, they should circle the wagons internally and initiate dialogue about how to get a better balance to improve audit efficiency.

That’s the advice of audit profession leaders who presented a keynote panel discussion at Compliance Week 2013 regarding some of the biggest audit challenges facing public companies today. “Well-controlled, well-managed organizations cost less to audit,” said Greg Weaver, chairman and chief executive officer at Deloitte & Touche. “Internal audit is a key part of a well-controlled, well-managed organization. Our coordination with internal audit is very helpful in making sure that the work we do is efficient.”

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