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Jun 23

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CFOs are dissatisfied with Big 4 Accounting firms

If you have $32,400 to spend on a survey of the Big Four accounting firms, then BTI Consulting will sell you their recent survey of chief financial officers of major U.S. public companies.  But, our headline is free.  Only 6 in 10 clients would recommend their Big 4 auditor to others, and 18.5% of companies are considering switching their Big 4 audit firm.

Despite this dissatisfaction, only 5% of respondents said there is a viable alternative for audits of financial statements performed in accordance with generally accepted auditing services.  This occurs because of their international network of offices.  For niche consulting services that do not require this network, the Big Four have had difficulty remaining competitive.

About the author

David Nolte

I am a founding principal of Fulcrum Inquiry, an accounting and economic consulting firm that performs damage analysis for commercial litigation, forensic accountings, financial investigations, and business valuations. I am a Certified Public Accountant (CPA) and an Accredited Senior Appraiser (ASA), as well as having other professional credentials. I regularly serve as an expert witness involving damages measurement. My litigation-oriented resume is on Fulcrum's website.

Permanent link to this article: http://betweenthenumbers.net/2011/06/cfos-are-dissatisfied-with-big-4-accounting-firms/

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