The accounting oligopoly: What’s next for the Big Four? | CNBC Explains

1. The big 4 make these mistakes because they have young, inexperienced staff doing the majority of the work, and big 4 partners mostly don't get there because of their technical knowledge and expertise as much as whose ass they've kissed and in a lot of cases just the hours they are willing to put in

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3. Hmm

4. PWC in Australia has been caught breaching confidentially with the Federal government. Corrupt as hell and they need to be broken up, and the partners jailed.

5. Basically, the existence of Auditors is for people to point finger at when something went wrong. Put it in a very blunt way, it’s some sort of cheap insurance that company is buying every year using the chick peas fee.
   Sorry to hurt all the pride and ego of all auditors out there, but that’s the reality…

6. Arthur Andersen's Devout Followers

7. Thieves in a suits😂😂

8. Just how many scandal across the globe across the decades does it take for Government take to act?

9. Astonishingly I have seen no mention of KPMG in the Silicon Valley Bank fiasco. Its yield to maturity securities portfolio was nursing a $15 billion loss on a $91 billion asset pool. Equity? $16 billion. Yet the auditors were completely silent on the matter of going concern. I don't think that's corruption. It is simple incompetence.

10. PWC about to be burnt in Australia.

11. I know someone that works at EY. He tells me that they teach big companies how to get out of tax payments and set up tax free havens in other countries. The big 4 a corrupt as hell.

12. Check out the fraud these audit companies conducted in South Africa's ESCOM

13. The job of an auditor has no regard for your money as an investor and does not inform stakeholders/public of frauds in companies' financials. Their job is to scam the public that their money is safe while they shield fraudulent companies. The government are in on this, the corporate world understand this. That's why they don't audit for fraud because most companies are into fraud and exposing this will collapse the economy.

    Audit goes through a robust process testing financial controls around the recording of transactions in the books while following strict accounting rules and standards. With this in place, it becomes easy to detect fraud perpetrated overtime or at a go. But due to the corrupt nature of the job of auditors who don't want to lose their source of money and client, they go ahead to give reasonable assurance while behind the scene, they urge clients to make adjustment or try to cover and spread it over the years. That's why I'm not a fan of having auditors audit a firm for more than 3 years.

    The big 4 is full of greedy partners who just want money and don't care about quality of audits. So I am not a fan.

    In addition to audit, the stakeholders should demand from the regulators(government), fraud investigation reports by another independent occupational body that will be published alongside audited financials. They are auditors (not forensics) but in this case will report all forms of missing money or overstatement of revenue after they carryout their own fraud test.

14. A: Yes. But regulators won't move too quickly on them.

15. All this can be solved by adding a forensic standard or principle in all aspects of accounting being it the normal bookkeeper to the echelons. So each one is accountable for errors and frauds at prelims.

16. This is all I heard accounting students talk about and really didn't care because the RN program was more for me but I struck with accounting with an outstanding GPA and have the chance to work for the big 4s and still don't want to. stressing yourself trying to to get in won't gay you in but focusing on doing great is less stress and will. I want to work for a small company that pays well. I'm not being greedy for money but to love what I'm doing 😎

17. Legal criminal world organization……

18. No Big 4 had ended so far

19. Your job in anything is to TELL THE TRUTH. Hmmmm, wonder where that comes from? Once your beliefs go to 'grey areas' you've already committed fraud. You can determine what the problem is just look in the mirror.

20. This kind of stuff makes me so excited join the accounting workforce

21. BIG 4 AUDIT RUN BY MAFIA OF US.

22. I hope the people working, especially KPMG, are able to to continue working.

23. Watching this video while filling my time sheet

24. Operational separation… lol yeah the partners will just laugh it off

25. Lol consultants wannabe…

26. Anyone ever heard of Equity Funding Corporation of America ?

27. It is charade man, it is all a charade.

28. Imagine how the big four(4) help firms to evade taxes.

29. my solution to resolving the conflict of interest. Have the auditors randomly be allocated to all large companies. Auditing companies won't then have the need to have a 'nod and wink' relationship with the companies and will just do the job they're hired to do.

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