Biggest, big, or simply big enough?
It's questionnable to see Grant Thornton and BDO being lumped in with the others regarding the largest private sector audits, which are dominated by the Biggest 4 - exactly the current problem with the lack of competition in the audit market (but that's another story).
Nonetheless, it's very interesting to read a reference to the 'Big 6'.
In Grant Thornton, I'm extremely proud to work for a dynamic firm with a fantastic culture and focus on working with clients to deliver top-quality solutions. Being big is by no means a guarantee of this, although being 'big enough' certainly affords the luxury of a wide range of service lines and specialists which can help organisations in a myriad of ways.
Nonetheless, as someone who has also worked in one of the biggest 4 firms, this recognition of Grant Thornton as one of the major players gives me warm fuzzy feeling. Our people and clients already know about the great work we are doing but others may not fully understand what makes Grant Thornton truly special - big enough to complete with the Biggest 4, yet distinct and offering something far more powerful, in my own humble opinion.
And maybe this is exactly the nomenclature that we should use in future: there's a 'Big 6' (and maybe other firms too) that are certainly 'Big enough' and who cares whether or not a firm is in the 'Biggest 4'?
Big 6 auditors face tougher monitoring after scandals The UK’s accounting watchdog has promised a tougher approach to monitoring the six largest audit firms, following a series of high-profile corporate failures that has undermined confidence in the Financial Reporting Council. The FRC said it would start vetting the suitability of senior appointments at KPMG, Deloitte, PwC, EY, Grant Thornton and BDO. This will include an assessment of people appointed to non-executive roles, as well as heads of audit and ethics committees. The aim is to “avoid systemic deficiencies within firms’ networks, disruption in the provision of statutory audit services and instability in the financial sector”, the FRC said. The change comes after the collapse of UK outsourcing group Carillion, which has raised serious questions about the role of the company’s internal and external auditors, Deloitte and KPMG, respectively.