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None of the "firms" within the Big Four is actually a single firm; rather, they are professional services networks.Each is a network of firms, owned and managed independently, which have entered into agreements with the other member firms in the network to share a common name, brand, intellectual property, and quality standards.
Accounting networks were created to meet a specific need. “The accounting profession in the U.S. was built upon a state-established monopoly for audits of financial statements.” [4] Accounting networks arose out of the necessity for public American companies to have audited financial statements for the Securities and Exchange Commission (SEC). [5]
Ernst & Young Global Limited, trading as EY, [6] [7] is a multinational professional services partnership. EY is one of the largest professional services networks in the world. [8] Along with Deloitte, KPMG and PwC, it is one of the Big Four accounting firms.
Deloitte is the largest of the Big Four by both revenue and employees. Founded in the UK in 1845, Deloitte expanded into the US in 1890. It is headquartered in London and has more than 700 offices ...
Deloitte were responsible for advising Carillion’s board on risk management and financial controls, failings in the business that proved terminal. Deloitte were either unable to identify effectively to the board the risks associated with their business practices, unwilling to do so, or too readily ignored them.
PricewaterhouseCoopers International Limited [4] is a British multinational professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world [5] and is considered one of the Big Four accounting firms, along with Deloitte, EY, and KPMG.
It is typically a mixture of fixed salary, variable performance-based bonuses (cash, shares, or call options on the company stock) and benefits and other perquisites all ideally configured to take into account government regulations, tax law, the desires of the organization and the executive.
Revenue-cap regulation allows the operator to change its prices within baskets of services so long as the change in revenue does not exceed the revenue cap index. This index typically reflects the overall rate of inflation in the economy, the inflation in the operator's input prices relative to the average firm in the economy and the ability of the operator to gain efficiencies relative to the ...