Big (4) Accounting Firm Ernst & Young Sheds (84) U.S. Audit Clients In Response To PCAOB Demands

"Who's Tending To The Books?", Joker

The Public Company Accounting Oversight Board found the rate of EY’s auditing deficiencies, based on a sampling of audits of 2021 financial statements, surged to 46% from 21% in the previous year. It was the highest deficiency rate among the Big Four in the U.S.

Eighty-four public companies exited EY as audit clients between Jan. 1, 2023, and Aug. 15 of this year, according to data from research firm Ideagen Audit Analytics. The reduced roster of clients and loss of roughly $215 million in fees could threaten EY’s status as the largest auditor of U.S. public companies by market share.

Eighty-four (84) companies departed since the start of 2023, at least 50 more than at each of its Big Four peers.

EY’s lost audit fees are at least $130 million greater than at each of its Big Four peers. Deloitte’s lost fees totaled $70.5 million, while lost fees were $61.4 million at KPMG and $80.5 million at PwC, data showed.

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