ABSTRACT
Global expansion by large providers of audit and accounting services began before the 1980s and continued steadily through the 1990s and into the twenty-first century, driven by factors such as national deregulation, privatisation of industries, integration of regional economies, liberalisation of world trade (including multilateral and bilateral agreements), the formation of the European common market, the shift from planned to market economies and privatisation of government assets. These factors have created additional demand for services provided by audit firms across a broader range of countries, cultures and languages. As product markets and financial markets become increasingly internationally integrated and the use of international accounting standards has become more widespread, the demand for related professional services on a global scale has also risen which has accelerated the globalization of the audit industry. At the same time, decreases in cost and an increase in the availability of technology, telecommunications and travel have enabled providers of professional services to more readily overcome traditional barriers of time and location.
