Messrs. Gow and Kells have made an invaluable contribution, writing in
an amused tone that nevertheless acknowledges the firms' immense power
and the seriousness of their neglect of traditional responsibilities.
'The Big Four' will appeal to all those interested in the future of the
profession--and of capitalism itself.--Jane Gleeson-White, Wall Street
Journal
With staffs that are collectively larger than the Russian army and
combined revenues of over $130 billion a year, the Big Four accounting
firms--Deloitte, PricewaterhouseCoopers, Ernst & Young, and KPMG--are a
keystone of global commerce. But leading scholar Ian Gow and
award-winning author Stuart Kells warn that a house of cards may be
about to fall.
Stretching back to the Medicis in Renaissance Florence, this book is a
fascinating story of wealth, power, and luck. The founders of the Big
Four lived surprisingly colorful lives. Samuel Price, for example,
married his own niece. Between the world wars, Nicholas Waterhouse
collected postage stamps while also hosting decadent parties in his
fashionable London home.
All four firms have endured major calamities in recent decades. There
have been hundreds of court cases and legal prosecutions for failed
audits, tax scandals, and breaches of independence. The firms have come
so close to extinction level events that regulators have required them
to prepare living wills. And today, the Big Four face an uncertain
future--thanks to their push into China, their vulnerability to digital
disruption and competition, and the hazards of providing traditional
services in a new era of transparency.
This account of the past, present, and likely future of the Big Four is
essential reading for anyone perplexed or fascinated by professional
services, working or considering working in the industry, or simply
curious about the fate of the global economy.