• Register
Return to: Home > Comments > Why now is the time to take on the Big 4

Why now is the time to take on the Big 4

As PwC and KPMG lose clients in Q1 2020, Chris Biggs MD Theta Finance Reporting explains why this may be the start of a revolution in the industry and the time for more nimble firms to take on the Big 4

According to the latest SEC audit client winners and losers analysis by Audit Analytics released in early May, EY led all 12 of the top audit firms with 15 new engagements but also lost 10 clients for a net total of five. They were followed by Deloitte which picked up nine new audit clients for a net of three. In Q1, PwC lost 13 SEC-registered audit clients and gained just eight for a net total of -5 and KPMG lost 14 and gained only six, for a net of -8. 

Biggs said, "This period has caused a lot of disruption for the industry and our clients, but in chaos comes opportunity. For smaller, more nimble firms, the ability to continue as normal away from large city offices has presented a new way of working that the Big 4 have been slow to adapt to. In fact, for clients facing a difficult period and needing fast and agile assistance and consultancy, smaller firms have been able to fill the void and use the COVID-19 crisis as an opportunity to take on the Big 4. 

With experience at two of the four firms in the accounting space, I have seen from the inside out the issues of flexibility, speed and adaptability, and started Theta to provide a competitive service that fits the clients and their needs more securely. As this period unfolds and working environments change for good, I expect more SME firms to start moving and challenging the Big 4 as they are slower to adapt and may struggle to hold on to fantastic talent. This could be the catalyst for a revolution in the accounting space and the traditional players will need to react quickly to retain their market standing."

 

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.