The Big Four is the nickname used to refer collectively to the four largest professional services networks in the world, consisting of the global accounting networks Deloitte, Ernst & Young (EY), KPMG and PricewaterhouseCoopers (PwC). The four networks are often grouped together for a number of reasons: they are each comparable in size relative to the rest of the market, both in terms of revenue and workforce; they are each considered equal in their ability to provide a wide scope of professional services to their clients; and, among those looking to start a career in professional services, particularly accounting, they are considered equally attractive networks to work in, because of the frequency with which these firms engage with Fortune 500 companies.
Ernst & Young Global Limited, trade name EY, is a multinational professional services partnership headquartered in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers, it is considered one of the Big Four accounting firms. It primarily provides assurance, tax, consulting and advisory services to its clients. Like many of the larger accounting firms in recent years, EY has expanded into markets adjacent to accounting, including strategy, operations, HR, technology, and financial services consulting.
The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations.
KPMG International Limited is a multinational professional services network, and one of the Big Four accounting organizations.
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report.
Paul van Buitenen is a retired Dutch politician of the Europe Transparent Party who served as a Member of the European Parliament from 2004 to 2009.
The European Court of Auditors (ECA) is one of the seven institutions of the European Union (EU). It was established in 1975 in Luxembourg in order to improve EU financial management. It has 27 members supported by approximately 800 civil servants.
The sponsorship scandal, AdScam or Sponsorgate, was a scandal in Canada that came as a result of a federal government "sponsorship program" in the province of Quebec involving the Liberal Party of Canada, which was in power from 1993 to 2006.
John Dalli is a Maltese former politician who served as Cabinet Minister in various Maltese governments between 1987 and 2010. He was European Commissioner for Health and Consumer Policy between 2010 and 2012.
Hans-Martin Tillack, is a German reporter, who grew up in Stuttgart.
The Audit Commission was a statutory corporation in the United Kingdom. The commission's primary objective was to appoint auditors to a range of local public bodies in England, set the standards for auditors and oversee their work. The commission closed on 31 March 2015, with its functions being transferred to the voluntary, not-for-profit or private sector.
The European Union has a budget to finance policies carried out at European level.
Friends of Clean Accounts is a group of European politicians advocating and working towards "clean accounts" of the EU. By this they mean ordinary accounting and controlling, leading to efficient use of funds throughout the EU. An important part of this endeavor is transparent information and free access to it.
Marta Andreasen is an Argentine-born Spanish accountant, employed in January 2002 by the European Commission as Chief Accountant, and notable for raising concerns about flaws in the commission's accounting system which she felt left the commission vulnerable to potential fraud. Elected as a Member of the European Parliament for the UK Independence Party (UKIP) in the 2009 election, she defected to the Conservative Party in February 2013. She lost her seat in the 2014 European Parliamentary election.
The 'Satyam Computer Services scandal was India's largest corporate fraud till 2010. The founder and directors of India-based outsourcing company Satyam Computer Services, falsified the accounts, inflated the share price, and stole large sums from the company. Much of this was invested in property. The swindle was discovered in late 2008 when the Hyderabad property market collapsed, leaving a trail back to Satyam. The scandal was brought to light in 2009 when chairman Byrraju Ramalinga Raju confessed that the company's accounts had been falsified.
The 2008 Latvian financial crisis, which stemmed from the global financial crisis of 2008–2009, was a major economic and political crisis in Latvia. The crisis was generated when an easy credit market burst, resulting in an unemployment crisis, along with the bankruptcy of many companies. Since 2010, economic activity has recovered and Latvia's economic growth rate was the fastest among the EU member states in the first three quarters of 2012.
Accounting scandals are business scandals which arise from intentional manipulation of financial statements with the disclosure of financial misdeeds by trusted executives of corporations or governments. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets, or underreporting the existence of liabilities. It involves an employee, account, or corporation itself and is misleading to investors and shareholders.
Greece faced a sovereign debt crisis in the aftermath of the financial crisis of 2007–2008. Widely known in the country as The Crisis, it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis. In all, the Greek economy suffered the longest recession of any advanced mixed economy to date. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country.
The European Union employs a variety of public accountability measures to review and reform budgets across government. As the EU's budget is at risk of maladministration, every year the Court of Auditors reports on the management of the budget. European Union auditors have stated that as they implement more transparency and double-entry book-keeping systems, it is likely to improve budget management.
The Wirecard scandal is a series of accounting scandals that resulted in the insolvency of Wirecard, a German payment processor and financial services provider that was part of the DAX index. Wirecard AG is a payment processor headquartered in Munich, Germany. The company offers its customers electronic payment transaction services and risk management, as well as the issuing and processing of physical cards. The subsidiary Wirecard Bank AG holds a banking licence and holds contracts with multiple international financial services companies.
