26.3% of Clients Replaced or Plan to Replace Big 4 Audit Firm—Up from 18.5%

Share Article

Client satisfaction with the Big 4 accounting firms drops as clients raise expectations in BTI Consulting Group’s latest report.

News Image
CFOs and Controllers would turn to PwC if forced to switch firms tomorrow.

The 2nd BTI Survey of Big 4 Client Service Performance reveals 26.3% of CFOs and Controllers have recently replaced or are planning to replace their primary audit firm―up from 18.5% just 2 years ago. Coupled with this rising turnover in the primary auditor position, Fortune 1000 companies now rely on an additional audit firm—using a total of 4 CPA firms, up from 3 firms in 2011.

“The upheaval increases competitive pressure on a daily basis,” comments Michael B. Rynowecer, President of The BTI Consulting Group. “Adding a firm drives increased competition and a considerable redistribution of dollars flowing to CPA firms.”

“Clients show less patience for changes in scope, budget and risk management during an audit.” Rynowecer continues, “financial decision-makers believe the new normal has been in place long enough to invite more certainty.”

“Interestingly, CFOs and Controllers would turn to PwC if forced to switch firms tomorrow,” adds Rynowecer.

BTI conducted 259 independent, individual interviews with CFOs, Chief Accounting Officers, Corporate Controllers and top financial decision-makers at Fortune 1000 companies and large organizations. These clients identified 17 key activities driving client service and identified—unprompted and by name—which Big 4 accounting firm they consider the absolute best at each. The complete analysis is available in BTI’s new study, The BTI Survey of Big 4 Client Service Performance, found here: http://www.btirankingthebig4.com.

You can find more information about this and other compelling research at http://www.bticonsulting.com or contact BTI at 617.439.0333. BTI is the undisputed leader in providing high-impact strategic research to professional service firms and their clients.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Michael B. Rynowecer
Follow us on
Visit website