Arcticle’s by Jessica McKeon

    This analysis was originally published by Audit Analytics.  Note: This analysis will be updated to reflect 2020’s market share once all annual reports have been filed. The Big Four firms account for a staggering 98% of the market share across Italy’s top 100 companies. Capturing the other 2% of the market is BDO, with just 2 companies; both of which are listed on the FTSE Italia Mid Cap. Interestingly, PwC has the largest number of clients and roughly 30% of the total market cap, while EY has 3 fewer clients, but roughly 13% more of the total market cap. In…

This analysis was originally posted by Audit Analytics. The auditors of two FTSE 350 airlines cannot confirm whether the companies will be able to continue operating for the foreseeable future due to uncertainty created by the global pandemic. EY and PwC highlighted the unpredictability of the future operations of International Consolidated Airlines Group SA [LON:IAG] and easyJet PLC [LON:EZJ] in their 2020 audit opinions.  Despite recent optimism in the leisure travel industry that resulted in rising stock prices and increased bookings, airlines still have a long road ahead to complete recovery. Companies report that they do not expect demand to return to 2019 levels until…

This analysis was originally posted by Audit Analytics.  Note: This analysis will be updated to reflect 2020’s market share once all annual reports have been filed. Audit market share was highly concentrated among the top indexes in the United Kingdom at the end of 2019. PwC captured the highest percentage of the market, auditing 27% of London Stock Exchange index-listed companies. The rest of the Big Four combined audited 61% of the remaining companies. BDO and Grant Thornton chimed in with 6% and 4%, respectively. Eight firms audited the remaining 3% of companies. In this post, we examine four London Stock Exchange indexes:…

This analysis was originally posted by Audit Analytics. In the past few years, the EU has been hit with several high-profile corporate failures and collapses: Carillion, Thomas Cook, Patisserie Valerie. Corporate failure affects not only the related shareholders, but also the confidence the public has in the sustainability of the overall market. Supply chain, demand fluctuations, and unseen shifts in consumer behavior as a result of COVID-19 have disrupted the global market and put many companies in positions where future sustainability may be uncertain. Given this environment, it is extremely important that regulators ensure disclosures of and surrounding going concern are appropriate and…

This analysis was originally posted by Audit Analytics. As the Audit Analytics Europe databases continue to grow in breadth and depth, we watch some interesting stories unfold. For example, AIM-listed London-based advertising agency M&C Saatchi [LON:SAA] has faced a few challenges in the past year and a half.   From 1 October 2020 to 7 December 2020, the Company’s trading was suspended due to late publication of the December 2019 Annual Report. The delay was the result of an extremely costly and complex audit to address a significant number of issues in historical financial statements. Chief Executive Officer, David Kershaw, wrote that “2019 was the unhappiest year in the Company’s 25 year history.”    In 2017, the group posted a headline profit of £27.7…