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Winners and Losers 2014 World Survey Reveals Challenges and Predictions January 2014 Issue 533 www.InternationalAccountingBulletin.com Winners and losers 2014 World Survey reveals challenges and predictions ● KPMG UK Co-op Bank audits under FRC investigation ● EU audit reform to affect UK CC remedies implementation ● IAB audit fee pressure survey Give your students a business perspective of the world of accounting. Give your students access to content they can trust. Give your students the edge. Subscribe to The Accountant A subscription to The Accountant is the ideal accompaniment to an accountancy course of study. Including exclusive features and interviews with major figures in the accountancy sector, The Accountant will help your students to understand the real-world implications of the theory they are learning, and help improve their employability in a competitive jobs market. A weekly newswire gives you regular updates of all the big stories, while IP access means students can view our content anywhere with access to the student portal. Subscribe to The Accountant for: SIGN UP FOR THE FREE NEWSWIRE • IP access to our content. So your students can access our Get free weekly updates and free content. content campus-wide with one login Sign up here: • Content you can trust. We have 125 years of experience http://www.vrl-financial-news.com/system-www.theaccountant-online.com/newslet- delivering accountancy news. pages/headernav/free-news.aspxter-subscription • Truly global analysis. We cover a range of stories from around the world, so your students get a wide perspective of the sector. DON’T MISS OUT. Subscribe to The Accountant today. Contact our subscriptions team on +44(0)20 7563 5688 or email us at [email protected] to find out more. www.vrl-financial-news.com International Accounting Bulletin Editor’S LETTER CONTENTS Race to the bottom Give your students a business News 02-03 ■ EU audit reform to affect UK CC In the past nine years the Big Four have and with an impressive response rate we remedies implementation increased their average fee income by a stag- have seen fee pressure being a principal con- ■ Grant Thornton International perspective of the world of turning the tables in Brazil gering $51.5bn. In comparison, the next six cern for firm leaders. As audit and account- largest mid-tier networks including BDO, ing revenues are harder to come by, respond- FeatuRES 04-24 RSM, Grant Thornton International etc. saw ents speak of increasingly competitive con- accounting. an average $11.5bn increase in the same time ditions and severe price undercutting. Due O4-24: WORLd SuRvEy 2014 period. For the Big Four the increase has to the increased advisory capabilities of the The coming year promises to be fiercely mainly come from the growth and rebuilding Big Four they might be in a better position Give your students access to competitive for the profession as net- of advisory capabilities, with advisory rev- to undercut prices. However the four giants works and associations battle for sur- vival and growth against a backdrop of enues increasing by an average of $29.3bn are far from the only ones to blame for the mergers and acquisitions and pending across the four firms since 2004. so-called race to the bottom, according to market reforms. content they can trust. While the advisory revenue pie has been respondents of the IAB fee pressure survey. steadily increasing for the Big Four over the It seems that when behind a wall of ano- past decade, the trend for audit and account- nymity firm leaders are much more can- Give your students ing services is somewhat different with the did about the realities of fee pressure, with average revenues earned by the Big Four almost 36% admitting in the past 12 months decreasing by $5bn in the past five year. In they have had to face ongoing challenges of the edge. Subscribe to the same time period the mid-tier increased maintaining audit quality in the face of fee revenues from audit and accounting by an pressure, and an additional 26% saying Editorial Advisory Board there were concerns over audit quality due Kevin McGrath, Crowe Horwath average $1.9bn. In this year’s IAB World The Accountant International CEO Survey we report further advisory M&A to fee pressure at their firm in the past year. Kevin Arnold, Nexia International CEO deals by the Big Four, such as the well pub- With 2014 looking to be a year of con- Geoff Barnes, Baker Tilly International president and CEO licised tie-up between PwC and global con- tinued M&A activity, improved global eco- A subscription to The Accountant is the ideal accompaniment to an accountancy course of study. Including Graeme Gordon, Praxity executive director sultancy Booz & Company at the end of last nomic outlook and pending EU audit chang- Stephen Jacobs, INPACT International president exclusive features and interviews with major figures in the accountancy sector, The Accountant will help Jon Lisby, Kreston International year. Such deals are dubbed key for growth es, the fight for audit clients is very much executive director as regulatory compliance demands and fee on and before it is (again) too late, openly James Mendelssohn, MSI your students to understand the real-world implications of the theory they are learning, and help improve Global Alliance, executive chairman pressure are leading to a standstill of audit speaking of decreasing fees and the role the Christian Mouillon, Ernst & Young global vice- revenues globally. profession in maintaining audit quality is of their employability in a competitive jobs market. A weekly newswire gives you regular updates of all the big chair, assurance Ed Nusbaum, Grant Thornton International CEO As an addition to the IAB World Survey the essence. Michael Reiss von Filski, Geneva Group stories, while IP access means students can view our content anywhere with access to the student portal. International CEO we have, for the first time this year, conduct- Ana Gyorkos Liza Robbins, Morison International CEO ed an anonymous global fee pressure survey [email protected] Martin van Roekel, BDO International CEO Jean Stephens, RSM International CEO Robert Tautges, HLB International CEO Subscribe to The Accountant for: SIGN UP FOR THE FREE NEWSWIRE Pauline Wallace, PwC head of public policy and ■■ IAB■FEE OvERviEW 2004, 2008, 2013 regulatory affairs • IP access to our content. So your students can access our Get free weekly updates and free content. 2013 2008 2004 content campus-wide with one login Total market fee income: $169.6bn Total market fee income: $152.8bn Total market fee income: $88.2bn Sign up here: No. of surveyed org.: 50 No. of surveyed org.: 42 No. of surveyed org.: 30 • Content you can trust. We have 125 years of experience http://www.vrl-financial-news.com/system- Big Four market share: 67% Big Four market share: 67% ($113.8bn) Big Four market share: 70% ($62.3bn) ($102.6bn) delivering accountancy news. pages/headernav/free-news.aspx Mid-tier: 33% ($55.8bn) Mid-tier: 30% ($25.9bn) Mid-tier: 33% ($50bn) • Truly global analysis. We cover a range of stories from around ■ FEE SPLiT the world, so your students get a wide perspective of the sector. Big Four Mid-tier Big Four Mid-tier Big Four Mid-tier Audit & Accou. Audit & Accou. Audit & Accou. Audit & Accou. Audit & Accou. Audit & Accou. 43% ($48.9bn) 51% ($28.4bn) 53% ($53.9bn) 53% ($26.5bn) 57.5% ($35.8bn) 50% ($10.3bn) Tax Tax Tax Tax Tax Tax DON’T MISS OUT. Subscribe to The Accountant today. 23% ($26bn) 25% ($13.9bn) 24% ($24.5bn) 23% ($11.5bn) 28% ($17.4bn) 23% ($4.7bn) Advisory Advisory Advisory Advisory Advisory Advisory Contact our subscriptions team on +44(0)20 7563 5688 34% ($38.6bn) 24% ($13.4bn) 23% ($22.5bn) 24% ($12bn) 14.5% ($9.3bn) 27% ($5.5bn) or email us at [email protected] to find out more. Soure: IAB www.InternationalAccountingBulletin.com January 2014 y 1 www.vrl-financial-news.com news rouNd-uP International Accounting Bulletin IAB ONLiNE – JANuARy news rouNd-uP Top 5 articles uK “It is to be expected that this of BDO Auditores Independentes KPMG UK Co-op Bank audits under FRC investigates KPMG uK’s scrutiny should extend to the audit and BDO Consultores in November while recognising that the auditor FRC investigation audit of Co-op Bank 2013. The UK Financial Reporting Council is independent of the events which While Grant Thornton Brazil has CC delays remedies implementation (FRC) is to pursue an investigation gave rise to the issues experienced strengthened its position as the by the bank,” KPMG UK commented. due to EU audit reform of KPMG UK’s audit work on the fifth-largest firm in the country, it Co-operative (Co-op) Bank, which “As auditor to the bank we is still less than a third of the size Deloitte merges with Grant will focus on the preparation, believe that we have provided, of its nearest rival, KPMG, with just and continue to provide, robust Thornton firm in the Philippines approval and audit of financial over 1,000 staff. statements. audits which provide rigorous Grant Thornton International’s challenge to the judgements and PwC and Booz merger approved The FRC started making enquiries Brazil firm reported revenues of disclosures proposed by the bank’s in relation to the bank’s accounts BRL101m ($42m) in 2012. management.” KPMG US completes acquisition of in November. In particular the Link Analytics GLOBAL regulator said the enquiries related BRAZiL to the disclosure in the 2012 annual Praxity grows 9% in 2013 Grant Thornton turning the Most retweeted article report of the bank’s regulatory Member revenue for global alliance tables in Brazil CC delays remedies implementation capital position.
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