ABSTRACT
The consolidation that took place among audit firms in the 1980s and 1990s resulted in a handful of very large multi-national audit firms, backed by significant resources and with an international footprint. This created a gap between the Big 4 and the next tier of audit firms. This gap is constantly widening as a result of added regulation and the ability to compete with the Big 4 when it comes to attracting and retaining skills, investing in technology, carrying professional indemnity insurance and settling negligence claims.
