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Small Cap Clients List PwC As Favorite Auditor
September 3, 2012
A new report from Morningstar has shown that PwC has replaced KPMG as the favorite auditor for small cap clients. The report has shown that smaller clients have gradually shifted their loyalties towards PwC.
Earlier this year, KPMG announced the first major loss in nearly a decade. A decline in the number of auditors is likely one of the key reasons the firm has taken a hit to profits. PwC gained six clients over the past quarter, while KPMG lost six.
The Morningstar report didn’t give an indication as to why more clients are favoring PwC over KPMG and other Big Four auditors. However, this trend is likely a reflection of a shift in preferences and needs of clients. Auditors may feel the need to conduct a comprehensive survey of their clients and determine what they need to do to retain their clients.
A number of clients are no longer working with any of the Big Four auditors. Deloitte, KPMG and Ernst & Young are particularly concerned about retaining key accounts. PwC may feel the same pressure if clients show less interest in working with larger auditors in the coming years.