Count Down by Jim PetersonPublication Date: 2017
The second edition of Count Down is revised to include and discuss developments affecting the Big Four and their business model since the December 2015 release of the first edition. Examples of updates include: The Big Four's growth to collective global 2016 revenue of $128 billion, and continued disparities in growth between their Audit and Advisory practices. The imposition of mandatory auditor rotation by legislation and regulation in the European Union, and in the US, the PCAOB's requirement to name lead partners on public company audits. Examples of corporate financial malfeasance and potentially disruptive auditor litigation, involving clients of each of the Big Four.