The Future of the Accounting Profession: Auditor Concentration
The May 2005 colloquium addressed the issues of competition and consolidation among accounting firms and other structural changes to the accounting field.
Participants expressed general support for the current system of privating auditing of firms, but also indicated concern with the degree of concentration in the auditing marketplace and the fragility and legal exposure of the remaining "big 4" noting in the report that "Increased concentration, brought on by the collapse of one of the four large firms, would be disastrous for the remaining firms, public companies, the financial markets, shareholders, and investors.”
The colloquium was co-chaired by Rod Hills, former chairman of the SEC, and Mike Cook, former CEO of Deloitte & Touche.
2005. The American Assembly
This report, derived from a 2005 Assembly on concentration in the accounting sector, discusses the risks associated with consolidation among the major accounting firms and other structural changes to the accounting field.