If you're a Fortune 500 CEO, you rely on the Big Four. Deloitte, PwC, KPMG, and EY have dominated the accounting space since there was a Big Five, an era that ended with the Andersen Effect from the $63 billion collapse of Enron amid accounting scandal. Arthur Andersen is no more, and five have become four.
Accounting firms have a critical role in verifying the finances of the companies they audit so that those clients can rely on and publish accurate snapshots of their businesses. Lately, a startlingly high number of those audits are filled with errors and other flaws, according to a report released by a congressional watchdog on Monday.
