The Future of the Accounting Profession: Auditor Concentration
2005. The American Assembly
This report, derived from a 2005 Assembly, addresses the issues of competition and consolidation among accounting firms and other structural changes to the accounting field.
The report expresses support for the current system of privating auditing of firms, but also signals concern with concentration in the auditing marketplace and the fragility and legal exposure of the remaining "big 4" firms: "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.