News Article Published:
Friday, 26 October 2007
Category:
Professional Services
Investors and analysts do not know which the top accountancy firms are, the results of a recent study have revealed.
The survey conducted by Ispos MORI showed that many investors and analysts could not name the six largest accountancy firms, with 40 per cent missing out Ernst&Young and 37 per cent unaware that KPMG was in the top bracket as well.
Some 82 per cent of the 100 respondents named PricewaterhouseCoopers as a top six firm by global revenue, marking the brand out as the most recognised, followed by Deloitte, named by 72 per cent.
Although 78 per cent of the respondents said audited financial statements were the most important source of information on a company, five per cent could not name any of the six biggest firms.
Despite their lack of brand awareness, the respondents did say they trusted the audit work carried out by UK companies, with 93 per cent reporting they were "fairly confident" or "very confident" about it.
The survey also found that 44 per cent would be 'fairly concerned' or 'very concerned' if a FTSE company changed its auditor to a firm outside the Big Four.
PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst&Young and KPMG make up the Big Four, with Grant Thornton - who 29 per cent named- and BDO Stoy Hayward - named by 18 per cent, rounding off the top six firms.
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