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Top UK Companies and their Auditors

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This blogpost examines the top UK companies in FTSE 350 index, focusing on their auditors. PwC leads in the number of clients, auditing 95 companies with $336 million in revenue, while KPMG leads in total revenue, auditing 88 companies and generating $347 million.

PCAOB recent sanctions

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The Public Company Accounting Oversight Board (PCAOB) in September, 2024 imposed sanctions on five audit firms for violations related to audit committee communications and failure to report disciplinary actions, highlighting ongoing concerns about audit transparency and compliance.

Deloitte audit clients

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Deloitte audits 21% of the total companies across all sectors in S&P 500. This significant market presence underscores Deloitte’s reputation and reliability in the auditing industry. Deloitte audits 28% of the companies in the Financials sector, which includes major players like MetLife Inc. and Morgan Stanley.

EY PCAOB Inspection report 2023

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The PCAOB’s 2023 inspection of Ernst & Young LLP (EY) revealed that out of 59 audits inspected, 22 had Part I.A deficiencies. This was a slight improvement from 2022, where 25 out of 54 audits had deficiencies. In 2021, 12 out of 56 audits had Part I.A deficiencies.

Deloitte 2024 revenues

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Deloitte earlier this week reported its global revenues for FY2024. Global revenues rose to $67.2 billion, an increase of 3.6% in dollar terms.

Auditor changes in September 2024

SEC registered companies are required to file form 8-K, item 4.01 notice in the event of a change in auditors. We analyze auditor changes for each month looking into auditor change and its reason.

PwC PCAOB Inspection Report 2023

PCAOB is the regulator for audit firms and it routinely reviews the audit work of firms registered under them. PCAOB reviewed 57 audits performed by PwC in 2023 and the deficiency was 18%.

PwC biggest audit clients

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Here is the list of top 25 clients of PwC in terms of total audit fees in millions. The financials and insurance sector are the major contributor in terms of fees for PwC. IBM is the only non-financial and insurance company in the top 5. These 25 clients together contribute $1.17 billion in audit fees for PwC.

Top Indian Companies and their Auditors

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The Indian accounting landscape is primarily regulated by the Institute of Chartered Accountants of India (ICAI). The ICAI sets standards and guidelines for accounting and auditing practices. As of recent estimates, India has over 400,000 Chartered Accountants (CAs).