Big players and small players

Merete Christiansen · Anne Loft

41 citations0/0 files storedEuropean Accounting Review

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Auditing, Earnings Management, Governance Merger and Competition Analysis Corporate Governance and Financial Management

Abstract

The international mergers between large auditing firms which produced ‘The Big Six’ involved Danish auditing firms in a process of intense merger activity. In this article some aspects of the consequences are explored. An empirical study of concentration in the market for the audit of Danish quoted companies was made. There was a large increase in concentration between 1989 and 1991. Two of the large audit firms now audit over half of the total value of the net turnover of quoted companies. Associated with it, there appears to have been increasing competition in both the audit and consultancy areas, the latter having increased in importance as a generator of profit for auditing firms. Auditors claim to act in the public interest but the developments discussed here raise doubts about this, a situation which requires serious attention from auditors and regulators.

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References

1989The PIMS principles: Linking strategy to performance 2006EUROPEAN ACCOUNTING REVIEW 1990After Virtue? Accounting as a Moral and Discursive Practice 1982Audit Industry Dynamics: Factors Affecting Changes in Client-Industry Market Shares 1989Multinational service firms 2005OCCUPATIONS AND SOCIALSTRUCTURE 2004European Financial Reporting 1990Serving the Public Interest? A Critical Analysis of a Professional Claim

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1996A review and synthesis of research on supplier concentration, quality and fee structure in non-U.S. markets for auditor services 2006The effect of accounting firm mergers on the market for audit services: New Zealand evidence 1997The enigma of the Greek auditing profession: some preliminary results concerning the impact of liberalization on auditor behaviour 1999Success in failure? Reflections on the changing Spanish audit environment 2008Local sites of globalisation: A look at the development of a legislative framework for auditing in Russia

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