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A New Audit Era: The Big Four Must Account for Themselves in UK CMA Shakeup - ResearchAndMarkets.com

March 20, 2019

DUBLIN--(BUSINESS WIRE)--Mar 20, 2019--The “A new audit era: Big Four must account for themselves in CMA shakeup” report has been added to ResearchAndMarkets.com’s offering.

Accounting has been marred by a wave of failures, and in the wake of this the UK Competition and Markets Authority (CMA) has conducted a review of the market. A range of proposals have been put forward to combat challenges within the industry, in which the four largest auditors dominate and multiple barriers to entry prevent challenger firms from gaining a foothold. Concurrently, accounting as a discipline looks less and less effective at accurately reflecting modern businesses, and the field looks ready for reform.

Key Highlights

  • Provides an outline of a number of recent financial accounting scandals: Carillion, Capita, Mitie
  • Provides summary of recommendations from ongoing Competition and Markets Authority review
  • Outlines potential future four statutory audit market, given ongoing competitive review and changes in accounting practices.

Scope

  • Provides analysis of recent accounting scandals
  • Provides summary of an ongoing Competition and Market Authority review into the statutory auditing market
  • Evaluates likely impact of Competition and Market Authority review into statutory audit market - what is the future of the Big Four?

Reasons to buy

  • What is the future of the Big Four?
  • How will the statutory audit market change in the future?

Key Topics Covered:

  1. Overview
  2. Catalyst
  3. Summary
  4. Accountancy’s wave of scandal
  5. Carillion: auditors fail to question rising accruals despite public skepticism
  6. Capita: frequent exceptional write-downs and dubious estimates
  7. Mitie: 50m material errors’ arise in listed infrastructure consultancy
  8. The Big Four Oligopolists: global and specialist
  9. 2018 CMA review suggests a range of proposals
  10. Public body appointment of auditors - an unwelcome interference
  11. Joint or shared auditing - expensive for auditor and auditee
  12. Market Cap thresholds - the Big Four preference
  13. Breaking up is hard to do
  14. 16thc double-entry bookkeeping: not designed for intangibles
  15. Conclusion
  16. Appendix
  17. Sources
  18. Further Reading
  19. Ask the analyst

Companies Mentioned

  • Capita
  • Carillion
  • Deloitte
  • EY
  • KPMG
  • Mitie
  • PwC

For more information about this report visit https://www.researchandmarkets.com/research/n4vzjr/a_new_audit_era?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20190320005702/en/

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Related Topics:Accounting

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: PROFESSIONAL SERVICES ACCOUNTING

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 03/20/2019 02:04 PM/DISC: 03/20/2019 02:04 PM

http://www.businesswire.com/news/home/20190320005702/en