enthusiast, Author at Big4 by the numbers

EY 2021 Global Review

by enthusiastOctober 16, 2021October 16, 2021EY

EY published its annual review report in September. Global revenues increased by 4% to $40 billion. Revenues for FY 20 was $37.2 billion. The region-wise breakdown of revenue is as follows:

Region	FY19	FY20	change in local currency	FY21	change in local currency
Americas	$16.7	$17.2	3.4%	$17.7	2.9%
EMEIA	$14.1	$14.2	3.4%	$15.7	3.8%
Asia-Pacific	$5.5	$5.8	8.2%	$6.6	8.1%
Total	$36.4	$37.2	4.1%	$40.0	4%

Revenue by region

Revenue by service line provided below. In local currency terms, the growth was 4% going from FY20 to FY21

Service line	FY19	FY20	FY21
Assurance	$12.6	$12.8	$13.6
Tax	$9.5	$9.8	$10.5
Consulting	$10.2	$10.5	$11.1
Strategy & Transactions	$4.1	$4.1	$4.8
Total	$36.4	$37.2	$40.0

Service line revenue

All service lines witnessed an increase in employees except for Executive services and functions. The biggest increase in personnel on a percentage basis was in the GDS client enablement service. The total people in EY as of FY 21 is 312,250 an increase of 4.4%

As expected 77% of Partners are male while female partners represent only 23%. On the other end of the spectrum, 86% of the Administrative assistants are female. Females constitute a higher percentage among Staff/Assistant (i.e. entry levels) and gradually decrease at higher levels. While looking at Internal Support roles, females constitute a higher percentage in most roles except at the Director level.

Another interesting metric is the number of job applicants and the number of individuals hired. Shows the attractiveness of the firm. Only 3% of the applicants were eventually hired!

The link to the full report is included here – https://www.ey.com/en_gl/global-review/value-realized-2021

PwC 2021 Global Annual Review

by enthusiastOctober 10, 2021October 10, 2021PwC

Summary

The “New Equation” is the latest buzz word with it being mentioned exactly 30 times in PwC’s 2021 Global Review. In this year’s report PwC reported new information such as net income and taxation. Key items from the review:

US$1bn of new investment specifically dedicated to the accelerated deployment of technology to drive audit quality

As a result of the pandemic and remote nature of the work, disbursements and expenses recharged to clients were down 34% on the prior year

For the first nine months of FY21 growth remained relatively flat. But as we neared the end of the year demand started to pick up, and in the final quarter revenues rose by 18% compared to the same period in FY20

EMEA revenues grew by 2%. Biggest growth of 30% was witnessed in Turkey. APAC revenues grew by 6.2% with a strong performance of 6.2% from South Korea. Revenues in Americas were flat. The bright spot was Canada which grew by5%

Assurance operations grew by 1.2%, Advisory operations grew by 3.1% and Tax services grew by 1.7%.

Net income was 19.2%, a modest increase of 0.3% from FY20. The reduction in travel and lower entertaining costs was offset by higher staff costs.

21 of the largest firms are responsible for the generation of over 90% of the revenues.

To create a flexible workplace that fosters an environment where mentoring and coaching happen in the course of daily work, assurance team created virtual audit rooms – digital hangouts – where team members and clients could come and go at the click of a button.

Key Metrics

Tagged : pwc clients

CFO Salaries of major US Companies

by enthusiastAugust 29, 2021August 29, 2021Other

Home » Archives for enthusiast » Page 4

This blog is part of a long series of blog posts where we analyze the pay of Chief Financial Officers of S&P 500 US Companies. This blog is part 1 of the 10 blogs that will go through companies each in an alphabetical order. This blog covers all S&P 500 companies with names beginning with “A”.

No surprises on the first three CFOs on the list. Ruth Porat, Luca Maestri, and Brian Olsavsky of Google, Apple, and Amazon tops the list.

Ruth Porat earned a total compensation of $50.89 million in 2020 comprising of a stock award of $50.22 million. Ruth earned $664K and $47 million in 2019 and 2018 respectively.
Luca Maestri earned a total compensation of $26.25 million in 2020 comprising of a stock award of $21.66 million and a salary of $1 million. Maestri earned an average of $26 million in compensation for the past 3 years.
Brian Olsavsky earned a total compensation of $17.17 million in 2020 comprising of a stock award of $17.01 million. Olsavsky earned $163K and $6.9 million in 2019 and 2018 respectively.

Porat has a BS degree from Stanford and a MBA from the Wharton School. Porat worked with Morgan Stanley for 27 years becoming their CFO in 2010. Porat later joined Google in 2015.

Maestri graduated from Luiss University in Rome with a bachelor’s degree in Economics and earned a master’s degree in Science of Management from Boston University. Prior to joining Apple in 2013, Maestri was CFO at Xerox and previously at Nokia Siemens Networks.

Brian Olsavsky has a B.S in Mechanical Engineering from Penn State and an MBA from Carnegie Mellon. Olsavsky worked for 7 years in Fisher Scientific until 2002 prior to joining Amazon. Olsavsky has currently been with Amazon for 19+ years.

A major portion of CFOs compensation (63%) is tied to Stock awards followed by non-equity incentive plan compensation and option awards.

A data table of CFOs salary analyzed is provided below:

Company	CFO	Salary	Bonus	Stock Awards	Option Awards	Non-Equity	Pension value & Def. Comp.	Other Comp.	Total ($ millions)
Alphabet (Class A)	Ruth M. Porat	0.66	–	50.22	–	–	–	0.02	50.89
Apple	Luca Maestri	1.00	–	21.66	–	3.58	–	0.02	26.25
Amazon	Brian T. Olsavsky	0.16	–	17.01	–	–	–	0.00	17.17
AT&T	J. Stephens	1.15	0.25	10.75	–	2.03	1.06	0.91	16.14
AbbVie	Robert A. Michael	1.07	–	5.41	1.29	2.11	3.57	0.05	13.49
Activision Blizzard	Dennis Durkin	0.91	–	10.90	–	1.16	–	0.03	13.00
Aon	Christa Davies	1.00	–	6.78	–	1.30	–	3.16	12.24
American Express	J.C. Campbell	1.00	3.29	4.86	1.06	1.29	–	0.21	11.70
Aptiv	Joseph R. Massaro	0.86	–	9.11	–	0.61	–	0.10	10.67
American International Group	Mark D. Lyons	1.00	–	5.29	0.82	3.06	–	0.06	10.24
Adobe	John Murphy	0.64	–	8.58	–	0.67	–	0.01	9.89
Abbott Laboratories	Robert E. Funck, Jr.	0.81	–	2.22	2.22	1.28	3.10	0.17	9.80
Ameriprise Financial	Walter S. Berman	0.68	–	3.77	1.13	2.62	0.85	0.15	9.20
ADM	R. G. YOUNG	0.85	–	5.84	–	1.75	0.07	0.02	8.55
3M	Monish Patolawala	0.44	0.70	5.66	0.81	0.38	–	0.03	8.02
Altria Group	Salvatore Mancuso	0.62	0.62	2.79	–	–	3.73	0.07	7.82
Accenture	KC McClure	0.98	–	4.84	–	1.49	–	0.01	7.31
Alexandria Real Estate Equities	Dean A. Shigenaga	0.64	1.17	5.16	–	–	0.05	0.05	7.06
Amcor	Michael Casamento	0.83	–	2.26	1.60	1.32	–	0.68	6.69
Amgen	Murdo Gordon	1.00	–	2.80	1.20	1.41	–	0.15	6.56
APA Corporation	Stephen J. Riney	0.80	–	4.35	–	1.09	–	0.25	6.49
Autodesk	R. Scott Herren	0.56	–	5.66	–	–	–	–	6.22
Advanced Micro Devices	Devinder Kumar	0.60	–	3.81	0.94	0.82	–	0.02	6.19
Applied Materials	Daniel J. Durn	0.63	–	4.46	–	0.98	–	0.01	6.07
Ameren Corp	Michael L. Moehn	0.70	–	3.64	–	0.58	0.67	0.08	5.67
Anthem	John E. Gallina	0.85	–	2.44	0.81	1.18	0.01	0.11	5.40
Allstate Corp	Mario Rizzo	0.75	–	1.43	0.86	1.25	0.52	0.03	4.84
Abiomed	Todd A. Trapp	0.43	–	3.50	0.50	0.33	–	0.01	4.77
American Electric Power	Brian X. Tierney	0.83	–	2.16	–	1.05	0.42	0.11	4.57
Allegion	P. S. Shannon	0.60	–	1.08	0.33	0.25	2.18	0.10	4.53
Ansys	Nicole Anasenes	0.07	–	4.45	–	–	–	–	4.52
Air Products & Chemicals	M. Scott Crocco	0.65	–	1.84	–	0.84	1.13	0.01	4.46
Arthur J. Gallagher & Co.	Doug Howell	0.90	–	0.98	0.17	1.58	0.00	0.72	4.35
AmerisourceBergen	James F. Cleary	0.70	–	1.75	0.75	0.89	–	0.19	4.28
American Tower	Rodney M. Smith	0.53	–	2.85	–	0.76	–	0.03	4.17
Automatic Data Processing	Kathleen A. Winters	0.65	1.25	0.70	0.90	0.51	–	0.13	4.13
AutoZone	William T. Giles	0.68	–	0.03	2.03	1.10	–	0.13	3.96
Analog Devices	Prashanth Mahendra-Rajah	0.58	–	1.95	0.65	0.45	–	0.06	3.68
Assurant	Richard S. Dziadzio	0.68	–	1.99	–	0.77	–	0.24	3.67
Agilent Technologies	Robert McMahon	0.64	–	2.61	–	0.36	–	0.05	3.66
Arista Networks	Ita Brennan	0.30	–	3.17	–	0.14	–	0.01	3.62
Align Technology	John F. Morici	0.54	–	2.58		0.45	–	0.01	3.58
AvalonBay Communities	Kevin P. O’Shea	0.62	–	2.19	–	0.73	–	0.03	3.57
American Airlines Group	Derek Kerr	0.60	–	2.93	–	–	–	0.03	3.56
Akamai Technologies	Edward McGowan	0.46	–	3.07	–	–	–	–	3.53
Amphenol Corp	C.A. Lampo	0.60	–	–	2.63	0.18	0.01	0.04	3.46
Albemarle Corporation	Scott A. Tozier	0.56	–	1.87	0.28	0.51	–	0.10	3.31
Alaska Air Group	Shane R. Tackett	0.42	–	1.42	0.44	0.42	0.12	0.13	2.94
Ametek	William J. Burke	0.58	0.10	1.22	0.30	0.24	0.37	0.10	2.90
Avery Dennison	Gregory S. Lovins	0.62	–	1.23	–	0.65	0.08	0.13	2.70
AES Corp	Gustavo Pimenta	0.55	–	1.28	–	0.60	–	0.08	2.51
Aflac	Max K. Brodén	0.56	–	0.98	–	0.62	–	0.20	2.35
Alliant Energy	Robert J. Durian	0.54	–	1.03	–	0.48	0.14	0.15	2.33
American Water Works	M. Susan Hardwick	0.58	–	0.91	–	0.50	–	0.10	2.10
Atmos Energy	Christopher T. Forsythe	0.47	–	0.73	–	0.31	0.28	0.22	2.01
Advance Auto Parts	Jeffrey W. Shepherd	0.60	–	0.91	–	0.48	–	0.00	1.99
A. O. Smith	Charles T. Lauber	0.51	–	0.30	0.30	0.44	0.12	0.09	1.75

Top Audit Firms in India

by enthusiastAugust 15, 2021May 7, 2022Deloitte / EY / KPMG / PwC

In India, regulations do not permit foreign auditing firms to operate. Hence KPMG carries out audits in India under the name of BSR & Co, an auditing firm that it bought. BSR & Co was an auditing firm founded by B.S. Raut in Mumbai. Deloitte carries out audits in India under multiple names of C.C.Chokshi & Co, Fraser & Ross, PC Hansotia & Company and SB Billimoria & Company and Deloitte Haskins & Sells. Price Waterhouse is the Indian affiliate of PwC. EY carries out its Indian audit operations through the firm SR Batliboi & Associates.

Global Firm	Indian Affiliate
KPMG	BSR & Co.
Deloitte	Deloitte Haskins & Sells
PwC	Price Waterhouse
EY	SR Batliboi & Associates
GT	Walker Chandiok & Co.
BDO	MSKA & Associates

Price Waterhouse was banned in 2019 by Indian market regulator Securities Exchange Board of India (SEBI) for a period of 2 years from conducting any audits. This order was later set aside by the Appellate Tribunal. Based on looking at the top 100 companies of India by market cap, PwC only audits 6 companies. KPMG audits 23 of the top 100 companies either individually or as a joint auditor while EY audits 22 of them. Deloitte audits 17 of the 100 companies. Indian audit market is highly fragmented with local firms auditing some of the biggest listed companies. Also, a significant number of companies on the top 100 list is government owned where auditors are non-big4 firms appointed by the Comptroller and Auditor General of India.

Audit Firm	Total Audit fees (In INR Crores)	No. of Companies audited
Non big-4 or GT or BDO	258.23	28
KPMG	197.53	22
EY	221.39	21
Deloitte	132.67	17
PwC	66.27	6
GT	15.01	3
EY & KPMG	15.26	1
GT & PwC	9.91	1
BDO	4.63	1

The listing of top 100 Indian companies by their market capitalization, auditor, and audit fees is provided below:

#	Company	Audit Firm	Global Firm	Total Fee (Crores INR)
1	Reliance Industries	SRBC & Co. LLP and DTS Associates	EY	59.73
2	Tata Consultancy Services	BSR & Co. LLP	KPMG	14.67
3	HDFC Bank	MSKA & Associates	BDO	4.63
4	Infosys	Deloitte Haskins & Sells LLP	Deloitte	19.00
5	Hindustan Unilever	BSR & Co. LLP	KPMG	4.49
6	Housing Development Finance Corporation	BSR & Co. LLP	KPMG	9.02
7	ICICI Bank	Walker Chandiok & Co.	GT	11.29
8	State Bank of India	Khandelwal Jain & Co	Non-big4	0
9	Bajaj Finance	SRBC & Co.	EY	1.65
10	Kotak Mahindra Bank	Walker Chandiok & Co. and Price Waterhouse LLP	GT & PwC	9.91
11	Wipro	Deloitte Haskins & Sells LLP	Deloitte	14.00
12	Bharti Airtel	Deloitte Haskins & Sells LLP	Deloitte	57.80
13	Asian Paints	Deloitte Haskins & Sells LLP	Deloitte	3.65
14	ITC	SRBC & Co.	EY	7.66
15	HCL Technologies	BSR & Co. LLP	KPMG	22.00
16	Maruti Suzuki India	Deloitte Haskins & Sells LLP	Deloitte	2.90
17	Bharat Petroleum	CVK Associates & Borkar Mazumdar	Non-big4	0.96
18	DMart	SRBC & Co.	EY	1.35
19	Adani Green Energy	Dharmesh Parikh & Co.	Non-big4	1.65
20	Bajaj Finserv	SRBC & Co.	EY	3.86
21	UltraTech Cement	BSR & Co. LLP; Khimji Kunverji & Co.	KPMG	6.20
22	Axis Bank	Haribhakti & Co. LLP	Non-big4	5.97
23	Adani Enterprises	Shah Dhandharia & Co	Non-big4	0.60
24	Adani Transmission	Deloitte Haskins & Sells LLP	Deloitte	2.12
25	JSW Steel	SRBC & Co.	EY	22.56
26	Adani Ports & SEZ	Deloitte Haskins & Sells LLP	Deloitte	4.31
27	Nestlé India	BSR & Co. LLP	KPMG	1.30
28	Sun Pharmaceutical	SRBC & Co.	EY	15.72
29	Oil & Natural Gas	MKPS & Associates, G.M. Kapadia & Co., R. Gopal & Associates, Kalani & Co., SARC & Associates and R.G.N. Price & Co	Non-big4	4.70
30	Titan Company	BSR & Co. LLP	KPMG	2.84
31	Hindustan Zinc	SRBC & Co.	EY	2.01
32	HDFC Life	G.M. Kapadia & Co., & Price Waterhouse	PwC	1.14
33	Tata Steel	Price Waterhouse & Co.	PwC	53.31
34	Bajaj Auto	SRBC & Co.	EY	3.65
35	Tata Motors	BSR & Co. LLP	KPMG	79.72
36	Powergrid Corporation of India	T R Chadha & Co.;Umamaheswara Rao & Co.;B M Chatrath & Co. and P S D & Associates	Non-big4	1.21
37	Divis Laboratories	Price Waterhouse & Co.	PwC	0.63
38	NTPC Limited	S K Mehta & Co., New Delhi; S.N. Dhawan & Co. LLP, New Delhi; Varma & Varma, Hyderabad; Parakh & Co., Jaipur; M/s C K Prusty & Associates, Bhubaneshwar; M/s B C Jain & Co., Kanpur; and M/s V K Jindal & Co., Ranchi.	Non-big4	2.03
39	Indian Oil	V. Singhi & Associates, Kolkata; K. C. Mehta & Co., Mumbai; G. S. Mathur & Co., New Delhi; and Singhi & Co., Kolkata	Non-big4	4.02
40	Vedanta	SRBC & Co.	EY	29.00
41	Pidilite	Deloitte Haskins & Sells LLP	Deloitte	1.50
42	Bharat Petroleum	BSR & Co. LLP	KPMG	9.02
43	Shree Cement	Gupta & Dua	Non-big4	56.94
44	Mahindra & Mahindra	BSR & Co. LLP	KPMG	11.22
45	SBI Life Insurance	R. Devendra Kumar & Associates and S.C. Bapna & Associates,	Non-big4	0.74
46	Grasim Industries	SRBC & Co. and BSR & Co. LLP	EY & KPMG	15.26
47	SBI Card	S. Ramanand Aiyar & Co	Non-big4	0.49
48	Tech Mahindra	BSR & Co. LLP	KPMG	6.60
49	Dabur	Walker Chandiok & Co LLP	GT	0.98
50	Coal India	RAY & RAY	Non-big4	0.95
51	Dr. Reddy's	SRBC & Co.	EY	11.16
52	Hindalco Industries	Price Waterhouse & Co.	PwC	5.00
53	Godrej	BSR & Co. LLP	KPMG	0.89
54	Britannia Industries	BSR & Co. LLP	KPMG	1.67
55	ICICI Prulife	BSR & Co. LLP	KPMG	2.16
56	Motherson Sumi Systems	SRBC & Co.	EY	45.94
57	IndusInd Bank	Haribhakti & Co. LLP	Non-big4	2.36
58	Berger Paints	SRBC & Co.	EY	0.78
59	Cipla	Walker Chandiok & Co LLP	GT	2.75
60	Siemens India	BSR & Co. LLP	KPMG	3.00
61	Eicher Motors	SRBC & Co.	EY	3.63
62	DLF	SRBC & Co.	EY	2.38
63	GAIL	ASA & Associates LLP and A R & Co.	Non-big4	1.56
64	InterGlobe Aviation	SRBC & Co.	EY	4.02
65	Indus Towers	Deloitte Haskins & Sells LLP	Deloitte	1.32
66	Havells India	SRBC & Co.	EY	1.45
67	Ambuja Cements	Deloitte Haskins & Sells LLP	Deloitte	2.14
68	ICICI Lombard	Chaturvedi & Co and PKF Sridhar & Santhanam LLP	Non-big4	3.17
69	Cadila Healthcare	Deloitte Haskins & Sells LLP	Deloitte	1.38
70	UPL	BSR & Co. LLP	KPMG	9.99
71	Tata Consumer Products	Deloitte Haskins & Sells LLP	Deloitte	12.84
72	Marico	BSR & Co. LLP	KPMG	2.72
73	Hero MotoCorp	BSR & Co. LLP	KPMG	2.76
74	Muthoot Finance	Varma & Varma	Non-big4	0.77
75	Info Edge	SRBC & Co.	EY	1.26
76	National Mineral Development Corporation	Sagar & Associates	Non-big4	0.90
77	Aurobindo Pharma	BSR & Co. LLP	KPMG	2.60
78	Lupin Limited	BSR & Co. LLP	KPMG	1.09
79	Gland Pharma	SRBC & Co.	EY	1.01
80	Bandhan Bank	Deloitte Haskins & Sells LLP and M. M. Nissim & Co. LLP	Deloitte	1.62
81	Apollo Hospitals	Deloitte Haskins & Sells LLP	Deloitte	4.00
82	Torrent Pharmaceuticals	BSR & Co. LLP	KPMG	1.17
83	Cholamandalam Investment and Finance	SRBC & Co.	EY	1.19
84	Biocon	BSR & Co. LLP	KPMG	2.40
85	BOSCH India	Deloitte Haskins & Sells LLP	Deloitte	1.10
86	Colgate-Palmolive India	SRBC & Co.	EY	1.38
87	Punjab National Bank	S N Dhawan & Co. LLP; M K Aggarwal & Co.; A John Moris & Co.; S R Goyal & Co.; PSMG & Associates	Non-big4	85.97
88	Hindustan Petroleum	M.P. Chitale & Co. and R. Devendra Kumar & Associates	Non-big4	1.41
89	Piramal Group	Deloitte Haskins & Sells LLP	Deloitte	2.03
90	Container Corporation of India	S.N. Nanda & Co	Non-big4	0.05
91	United Spirits	Price Waterhouse & Co	PwC	5.15
92	Balkrishna Industries	N G Thakrar & Co.	Non-big4	0.46
93	Bank of Baroda	Dass Gupta & Associates; R Devendra Kumar & Associates; J Kala & Associates; Vyas & Vyas	Non-big4	74.10
94	IDBI Bank	K S Aiyar & Co and M P Chitale & Co.	Non-big4	3.25
95	Jubilant FoodWorks	Deloitte Haskins & Sells LLP	Deloitte	0.96
96	Procter & Gamble India	Kalyaniwalla & Mistry LLP	Non-big4	1.17
97	PI Industries	Price Waterhouse & Co	PwC	1.04
98	Jindal Steel & Power	Lodha & Co.	Non-big4	2.41
99	Gujarat Gas	S. R. Goyal & Co.	Non-big4	0.24
100	Adani Gas	Shah Dhandharia & Co.	Non-big4	0.14

Look into our other posts on big4 audit clients in USA, UK, and Australia. We are starting a new blogpost to collect the salary data to help all current and prospective employees of accounting firms. So if interested, update the form and results will be published soon.

Tagged : deloitte clients / ey clients / kpmg clients / pwc clients

Auditor Changes in Jun’21

by enthusiastJuly 18, 2021July 18, 2021Auditor changes

Home » Archives for enthusiast » Page 4

For the month of Jun’21, there were multiple auditor changes mostly on account of SPACs changing their auditor from Withum or Marcum to a Big4 firm. KPMG gained 4 audit clients while losing 2.

Company	Old Auditor	New Auditor
Citi Trends Inc	*KPMG*	Deloitte
Spark Networks SE	*KPMG*	BDO
Ameris Bancorp	Crowe	*KPMG*
OOMA INC	Deloitte	*KPMG*
Owl Rock Technology Finance Corp.	PwC	*KPMG*
Proterra Inc	Marcum	*KPMG*

EY lost 1 audit client which was a pretty big one (JB Hunt Transport Services) who paid $1.7 million in audit fees for FY’21. EY gained 6 audit clients this month.

Company	Old Auditor	New Auditor
Celsius Holdings, Inc.	Assurance Dimensions	EY
BlueLinx Holdings Inc.	BDO	EY
DZS INC.	GT	EY
Bluegreen Vacations Holding Corp	GT	EY
Talkspace, Inc.	Withum	EY
Cano Health, Inc.	Withum	EY
HUNT J B TRANSPORT SERVICES INC	EY	PwC

Deloitte lost 3 audit clients while gaining 11 audit clients. Popular among the gains is Chamath Palihapitiya-backed SoFi Technologies.

Company	Old Auditor	New Auditor
Original Bark Co	Marcum	*Deloitte*
SHYFT GROUP, INC.	BDO	*Deloitte*
SAFETY INSURANCE GROUP INC	PwC	*Deloitte*
FIVE STAR SENIOR LIVING INC.	RSM US	*Deloitte*
Citi Trends Inc	KPMG	*Deloitte*
Fathom Holdings Inc.	BDO	*Deloitte*
Latch, Inc.	Withum	*Deloitte*
Katapult Holdings, Inc.	Withum	*Deloitte*
PLAYSTUDIOS, Inc.	Marcum	*Deloitte*
SoFi Technologies, Inc.	Marcum	*Deloitte*
Quantum-Si Inc	Withum	*Deloitte*
CITIZENS, INC.	*Deloitte*	GT
OOMA INC	*Deloitte*	KPMG
SPECTRUM PHARMACEUTICALS INC	*Deloitte*	RSM

PwC lost 2 audit clients while gaining 3 audit clients.

Company	Old Auditor	New Auditor
Owl Rock Technology Finance Corp.	*PwC*	KPMG
SAFETY INSURANCE GROUP INC	*PwC*	Deloitte
HUNT J B TRANSPORT SERVICES INC	EY	*PwC*
Nautilus Biotechnology, Inc.	Withum	*PwC*
ATI Physical Therapy, Inc.	Withum	*PwC*

The summary of auditor changes among the big4 firms for June’21 shows that Deloitte gained net 8 audit clients while EY gained net 5 audit clients. PwC and KPMG had a net gain of 1 and 2 audit clients respectively.

Big4 firm	Gains	Loss	Net
Deloitte	11	-3	8
KPMG	4	-2	2
EY	6	-1	5
PwC	3	-2	1

Below is the list of all auditor changes filed with SEC for the month of June’21

Company	Old Auditor	New Auditor
Ameris Bancorp	Crowe	KPMG
Sysorex, Inc.	Friedman	Marcum
Celsius Holdings, Inc.	Assurance Dimensions	EY
Bluelinx Holdings Inc.	BDO	EY
Applied Uv, Inc.	Adeptus LLC	Mazars
Dzs Inc.	GT	EY
Enveric Biosciences, Inc.	Marcum	Friedman
Energy & Water Development Corp	MaloneBailey	-
Original Bark Co	Marcum	Deloitte
Bogota Financial Corp.	Crowe	Snodgrass
Shyft Group, Inc.	BDO	Deloitte
Republic First Bancorp Inc	BDO	Crowe
Wm Technology, Inc.	Marcum	Baker Tilly
Quest Patent Research Corp	MaloneBailey	Rosenberg Rich
Excellerant, Inc.	AJ Robbins	Gries & Associates
Unico American Corp	JLK Rosenberger	Marcum
Minaro Corp	Michael Gillespie	Madhava Rao
Schmitt Industries Inc	-	UHY
Energy & Water Development Corp	-	Withum
United States Basketball League Inc	Michael T Studer	Fei Qi
Musclepharm Corp	SingerLewak	Moss Adams
Imageware Systems Inc	Mayer Hoffman McCann	-
Tactical Services Inc	Prager Metis	Boyle
Brightlane Corp.	Prager Metis	BF Borgers
Waterstone Financial, Inc.	RSM US	CliftonLarsonAllen
Givemepower Corporation	Benjamin & Ko	Madhava Rao
Citizens, Inc.	Deloitte	GT
Cardiff Lexington Corp	Daszkal Bolton	Rosenberg Rich
Bluegreen Vacations Holding Corp	GT	EY
Salamander Innisbrook, Llc	CohnReznick	Prospective Auditor
Mymetics Corp	BDO	Fruci & Associates
Ooma Inc	Deloitte	KPMG
Odenza Corp.	Total Asia	Weinberg & Co.
Norris Industries, Inc.	Marcum	Horne LLP
Owl Rock Technology Finance Corp.	PwC	KPMG
Tradefan, Inc.	AJ Robbins	RBSM
Enveric Biosciences, Inc.	Marcum	Friedman
Spectrum Pharmaceuticals Inc	Deloitte	RSM
Safety Insurance Group Inc	PwC	Deloitte
Pineapple, Inc.	Hall & Co	MGO
Five Star Senior Living Inc.	RSM US	Deloitte
Legacy Housing Corp	BKD	Weaver and Tidwell
Boxscore Brands, Inc.	Freed Maxick	Pinnacle Accountancy
Comsovereign Holding Corp.	Haskell & White	Marcum
Vitality Biopharma, Inc.	Weinberg	Meaden & Moore
Citi Trends Inc	KPMG	Deloitte
Smartfinancial Inc.	Dixon Huges Goodman	BKD
Lifeloc Technologies, Inc	Causey Demgen & Moore	Gries & Associates
Nicolet Bankshares Inc	Wipfli LLP	BKD
Fathom Holdings Inc.	BDO	Deloitte
Hunt J B Transport Services Inc	EY	PwC
Uc Asset Lp	Daszkal Bolton	BF Borgers
Todos Medical Ltd.	GT	Yarel
Kyto Technology & Life Science, Inc.	RBSM	OUM & Co
Pingtan Marine Enterprise Ltd.	BDO	Wei, Wei & Co
Spark Networks Se	KPMG	BDO
Talkspace, Inc.	Withum	EY
Omnia Wellness Inc.	MaloneBailey	BF Borgers
Latch, Inc.	Withum	Deloitte
Janus International Group, Inc.	Marcum	BDO
Katapult Holdings, Inc.	Withum	Deloitte
Proterra Inc	Marcum	KPMG
Playstudios, Inc.	Marcum	Deloitte
Sofi Technologies, Inc.	Marcum	Deloitte
Quantum-Si Inc	Withum	Deloitte
Nautilus Biotechnology, Inc.	Withum	PwC
Ati Physical Therapy, Inc.	Withum	PwC
Cano Health, Inc.	Withum	EY
Vintage Wine Estates, Inc.	RSM US	Moss Adams

Biggest Companies in the world by market cap

by enthusiastJuly 11, 2021July 11, 2021Deloitte / EY / KPMG / PwC

2020 was a phenomenal year for the markets with some big changes in the Global Top 100 companies by market capitalization. Tesla for instance saw its market capitalization increase by 565% from the levels seen in March 2020. In this blog we’ll look at the global top 100 companies by market capitalization as of Mar-2021 and who their auditors are. The top-100 companies were identified based on the survey performed by PwC. This blog provides a listing of the top 100 companies along with their auditors.

Industry Sectors

Of the top 100 companies, 20 of them are in the Technology sector, 17 of them in the Consumer Discretionary sector, and 16 of them in the Healthcare sector. No surprises that Apple, Microsoft, Alphabet (Google), Facebook, and Tencent occupy spots within the top 10 companies. NextEra Energy is the only utility company within the top 100 list. See below for a detailed breakdown of companies by sector:

Company Location

Of the top 100 companies, 59 of them are located in the United States while 11 of them are located in the People’s Republic of China. Germany, Japan, Netherlands, Switzerland, and UK have 3 companies each. See below for a detailed breakdown of companies by country:

Auditors

Looking at the top 100 Companies, PwC leads in the number of audit clients followed by EY. PwC audits 37 companies while EY audits 26. Deloitte and KPMG audits 16 companies each. PwC received a total audit fee of $1.03 billion from these 37 companies while EY received an audit fee income of $861 million. The break-down of the auditors for these 100 companies along with their audit fees are as follows:

The public fillings of Saudi Aramco does not disclose how much they paid to PwC, their auditors. Hence the above numbers for PwC does not include the fees for the Aramco audit which is expected to be a very substantial amount. Samsung Electronics and Industrial & Commercial Bank of China switched to Deloitte in FY’20. However, for the purposes of the above chart, they are considered under their previous auditors.

Biggest Companies in the World

Ranking	Company	Country	Sector	Market Cap. ($ bn)	Auditor	Currency	Total Audit Fees (Million)	Total Audit Fees (USD Million)
1	APPLE INC	United States	Technology	2051	EY	USD	22.18	22.18
2	SAUDI ARAMCO	Saudi Arabia	Energy	1920	PwC		-Na-
3	MICROSOFT CORP	United States	Technology	1778	Deloitte	USD	55.29	55.29
4	AMAZON.COM INC	United States	Consumer Discretionary	1558	EY	USD	30.90	30.90
5	ALPHABET INC	United States	Technology	1393	EY	USD	29.85	29.85
6	FACEBOOK INC	United States	Technology	839	EY	USD	27.33	27.33
7	TENCENT	China	Technology	753	PwC	RMB	164	25.31
8	TESLA INC	United States	Consumer Discretionary	641	PwC	USD	13.54	13.54
9	ALIBABA GRP	China	Consumer Discretionary	615	PwC	RMB	162.51	25.08
10	BERKSHIRE HATHAWAY	United States	Financials	588	Deloitte	USD	48.80	48.80
11	TSMC	Taiwan	Technology	534	Deloitte	NTS	70.32	2.51
12	VISA INC	United States	Industrials	468	KPMG	USD	11.74	11.74
13	JPMORGAN CHASE	United States	Financials	465	PwC	USD	105.10	105.10
14	JOHNSON & JOHNSON	United States	Health Care	433	PwC	USD	58.63	58.63
15	SAMSUNG ELECTRONICS	South Korea	Technology	431	PwC	KRW	6,866	6.00
16	KWEICHOW MOUTA	China	Consumer Staples	385	Lixin CPA		-Na-	0
17	WALMART INC	United States	Consumer Discretionary	383	EY	USD	28.23	28.23
18	MASTERCARD INC	United States	Industrials	354	PwC	USD	9.94	9.94
19	UNITEDHEALTH GRP	United States	Health Care	352	Deloitte	USD	27.02	27.02
20	LVMH MOET HENNESSY	France	Consumer Discretionary	337	EY & Mazars	EUR	15(EY); 8(Mazars)	27.31
21	WALT DISNEY CO	United States	Consumer Discretionary	335	PwC	USD	33.30	33.30
22	BANK OF AMERICA	United States	Financials	334	PwC	USD	67.50	67.50
23	PROCTER & GAMBLE	United States	Consumer Staples	333	Deloitte	USD	30.99	30.99
24	NVIDIA CORP	United States	Technology	331	PwC	USD	6.90	6.90
25	HOME DEPOT INC	United States	Consumer Discretionary	329	KPMG	USD	8.14	8.14
26	NESTLE SA	Switzerland	Consumer Staples	322	EY	CHF	45.00	49.23
27	IND & COMM BK	China	Financials	290	KPMG	RMB	224.00	34.57
28	PAYPAL HOLDINGS	United States	Industrials	284	PwC	USD	16.64	16.64
29	ROCHE HOLDING	Switzerland	Health Care	283	KPMG	CHF	23.70	25.93
30	INTEL CORP	United States	Technology	261	EY	USD	21.97	21.97
31	ASML HOLDING NV	Netherlands	Technology	255	KPMG	Euro	3.46	4.11
32	TOYOTA MOTOR	Japan	Consumer Discretionary	254	PwC	Yen	5,739	52.10
33	COMCAST CORP	United States	Telecommunications	248	Deloitte	USD	24.30	24.30
34	VERIZON COMMUNICATIONS	United States	Telecommunications	241	EY	USD	50.70	50.70
35	EXXON MOBIL CORP	United States	Energy	236	PwC	USD	41.80	41.80
36	NETFLIX INC	United States	Consumer Discretionary	231	EY	USD	7.52	7.52
37	ADOBE INC	United States	Technology	228	KPMG	USD	8.08	8.08
38	COCA-COLA CO	United States	Consumer Staples	227	EY	USD	40.16	40.16
39	MEITUAN	China	Technology	226	PwC	RMB	50.79	7.84
40	PING AN	China	Financials	219	PwC	RMB	122	18.83
41	CISCO SYSTEMS	United States	Telecommunications	218	PwC	USD	28.27	28.27
42	AT&T INC	United States	Financials	216	EY	USD	69.80	69.80
43	L'OREAL	France	Consumer Discretionary	215	PwC & Deloitte	Euro	12.4(PwC), 7.4(Deloitte)	13.54
44	CHINA CONSTRUCTION BANK	China	Financials	213	EY	RMB	151.86	23.44
45	ABBOTT LABS	United States	Health Care	212	EY	USD	31.67	31.67
46	NOVARTIS AG	Switzerland	Health Care	212	PwC	USD	23.50	23.50
47	NIKE INC	United States	Consumer Discretionary	209	PwC	USD	22.40	22.40
48	ORACLE CORP	United States	Technology	202	EY	USD	31.80	31.80
49	PFIZER INC	United States	Health Care	202	KPMG	USD	32.82	32.82
50	CHEVRON CORP	United States	Oil & Gas	202	PwC	USD	31.00	31.00
51	CHINA MERCH	China	Financials	196	Deloitte	RMB	44.00	6.79
52	PEPSICO INC	United States	Consumer Staples	195	KPMG	USD	25.77	25.77
53	SALESFORCE.COM	United States	Technology	195	EY	USD	27.28	27.28
54	MERCK & CO	United States	Health Care	195	PwC	USD	58.8	58.8
55	ABBVIE INC	United States	Health Care	191	EY	USD	32.1	32.1
56	BROADCOM INC	United States	Technology	189	PwC	USD	18.69	18.69
57	PROSUS NV	Netherlands	Technology	181	PwC	USD	11	11
58	RELIANCE INDS	India	Energy	180	EY & DTS Assoc.	INR	597.3	8.02
59	THERMO FISHER	United States	Health Care	180	PwC	USD	37.13	37.13
60	ELI LILLY & CO	United States	Health Care	179	EY	USD	17.3	17.3
61	AGRICULTURAL BANK OF CHINA	China	Financials	178	PwC	RMB	122.3	18.88
62	SOFTBANK GROUP	Japan	Telecommunications	176	Deloitte	Yen	786	7.14
63	ACCENTURE PLC	Ireland	Industrials	176	KPMG	USD	26.92	26.92
64	TEXAS INSTRUMENT	United States	Technology	174	EY	USD	13.05	13.05
65	MCDONALDS CORP	United States	Consumer Discretionary	167	EY	USD	11.4	11.4
66	VOLKSWAGEN AG	Germany	Consumer Discretionary	165	EY	Euro	53	62.95
67	BHP GROUP LTD	Australia	Basic Materials	163	EY	USD	16.70	16.70
68	WELLS FARGO & CO	United States	Financials	162	KPMG	USD	58.60	58.60
69	TATA CONSULTANCY	India	Technology	161	KPMG	INR	146	1.96
70	DANAHER CORP	United States	Health Care	160	EY	USD	29.95	29.95
71	NOVO NORDISK	Denmark	Health Care	160	PwC	DKK	42	5.71
72	MEDTRONIC PLC	Ireland	Health Care	159	PwC	USD	17.61	17.61
73	WULIANGYE YIBI	China	Consumer Staples	159	Sichuan Huaxin	RMB	1.32	0.2
74	COSTCO WHOLESALE	United States	Consumer Discretionary	156	KPMG	USD	8.81	8.81
75	T-MOBILE US INC	United States	Telecommunications	156	PwC	USD	48.62	48.62
76	CITIGROUP INC	United States	Financials	152	KPMG	USD	98.6	98.6
77	HONEYWELL INTL	United States	Industrials	151	Deloitte	USD	18.69	18.69
78	QUALCOMM INC	United States	Technology	151	PwC	USD	11.46	11.46
79	SAP SE	Germany	Technology	151	KPMG	Euro	14	16.63
80	BOEING CO	United States	Industrials	149	Deloitte	USD	32.3	32.3
81	ROYAL DUTCH SHELL	Netherlands	Oil & Gas	148	EY	USD	58	58
82	NEXTERA ENERGY	United States	Utilities	148	Deloitte	USD	11.21	11.21
83	UNITED PARCEL	United States	Industrials	148	Deloitte	USD	19.81	19.81
84	UNION PAC CORP	United States	Industrials	148	Deloitte	USD	3.72	3.72
85	UNILEVER PLC	United Kingdom	Consumer Staples	147	KPMG	Euro	26	30.88
86	AIA	Hong Kong SAR	Financials	147	PwC	USD	25.20	25.20
87	LINDE PLC	United Kingdom	Basic Materials	146	PwC	USD	25.21	25.21
88	AMGEN INC	United States	Health Care	144	EY	USD	9.25	9.25
89	BRISTOL-MYER SQB	United States	Health Care	141	Deloitte	USD	28.90	28.90
90	SIEMENS AG	Germany	Industrials	140	EY	Euro	68.60	81.48
91	BANK OF CHINA	China	Financials	139	EY	RMB	237	36.58
92	PHILIP MORRIS INC	United States	Consumer Staples	138	PwC	USD	25.87	25.87
93	LOWE'S COS INC	United States	Consumer Discretionary	136	Deloitte	USD	4.19	4.19
94	CHARTER COMMUNICATIONS	United States	Telecommunications	135	KPMG	USD	10.20	10.20
95	CHINA MOBILE	Hong Kong SAR	Telecommunications	134	PwC	RMB	114	17.60
96	SONY GROUP CORP	Japan	Consumer Discretionary	132	PwC	Yen	4529	41.11
97	ASTRAZENECA PLC	United Kingdom	Health Care	131	PwC	USD	20.30	20.30
98	ROYAL BANK OF CANADA	Canada	Financials	131	PwC	CAD	50.80	40.82
99	STARBUCKS CORP	United States	Consumer Discretionary	129	Deloitte	USD	8.49	8.49
100	ANHEUSER-BUSCH	Belgium	Consumer Staples	128	PwC	USD	20	20

Apple is the biggest company in the world in terms of market capitalization with a value of $2.05 trillion followed by Saudi Aramco with a market value of $1.92 trillion (as of Mar’21). Microsoft and Amazon occupy the third and fourth spot with a market value of $1.78 trillion and $1.56 trillion respectively.

Do read our other blogs on the top 500 companies in the US and their auditors.

Tagged : ey clients / pwc clients