The big four—Deloitte, EY KPMG and PwC—are the heavyweight champions of professional services. Yet the case for staying conjoined is steadily weakening
all spun off or sold their consulting arms in response to new conflict-of-interest regulations, which barred them from selling advice to audit clients. With little room to expand in audits, however, the giants were soon lured back into the fast-growing business of advice.
The rebundling has in many ways paid off. The opportunity to dabble in different service lines has helped the big four entice the bright-eyed young things their businesses rely on. A career in bean-counting looks more appealing when it comes with the opportunity to work on big acquisitions or advise governments on important matters, observes Laura Empson of Bayes Business School in London and formerly of the board ofThe big four’s breadth has helped them win over clients, too.
All that helps explain why some have balked at the idea of a separation. That the firms operate franchise-like structures, with independent partnerships in each country, also makes big shifts in direction like a break up tough to pull off—asYet the case for staying conjoined is steadily weakening as the big four’s businesses shift ever more towards consulting.
Meanwhile, audit has been steadily losing its internal clout, says Ms Empson. Sarah Rapson, deputy head of the, Britain’s audit overseer, worries that the firms are no longer fostering the “culture of scepticism and challenge” that auditing relies on.
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