Big 5 Winners & Losers
The final numbers have been released for 1999 revenues and losses among Big 5 accounting firms.
Based on research compiled by the Public Accounting Report (PAR), the firm awarded the majority of audits was Deloitte & Touche, who placed first for the second time in three years as the number one auditor of public companies. Revenues exceeded $33 billion.
The PAR reports that Deloitte & Touche, along with Ernst & Young, are giving powerhouse PricewaterhouseCoopers a run for the top accounting firm--although PWC still remains the largest, despite having suffered the largest loss last year at more than $25 billion in revnue and $43 billion in assets audited.
PWC, KPMG and Arthur Andersen also suffered significant losses in total clients as well as revenue and assets audited.
A related story shocked the accounting world this week regarding how the loss at PWC may cause a split into three firms.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.