The Economist (official group for The Economist newspaper)

The Economist (official group for The Economist newspaper)

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Two controversies ensnare the Big Four accounting firms: Deloitte, Ernst & Young, PwC and KPMG

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Buying Autonomy, a British software company, once seemed like a good idea to Hewlett-Packard (HP). Western investors were once eager to buy into Chinese companies that had secured listings on American exchanges. Neither idea seems so hot now. Both these changes in sentiment raise awkward questions for the Big Four accounting firms

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  • December 12, 2012
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  • Alex

    Alex W.

    Economist/Director at St Andrews International

    Just what do these four do? While the bankers are undoubtedly to blame for the financial improprieties, what were their auditors doing? What were their responsibilities to the share-
    holders - their legitimate employers?
    Lawyers make grotesquely large revenues per partner BUT compare these with the partners in the big accounting firms!
    Where has professional integrity gone? Regulation is not the answer. Ethical behaviour is the only remedy. Read Adam Smith correctly!

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