PCAOB voices concern on 'big four' collapse
WASHINGTON, DC – The Public Company Accounting Oversight Board (PCAOB) is worried about the impact of a possible failure of any of the 'big four' accounting firms, according to outgoing chairman William McDonough.
"None of us has a clue what to do if one of the big four accounting firms failed. Four firms are too few for such a large industry," said McDonough at the Transatlantic Corporate Governance Dialogue held in New York in late September.
He said the failure of KPMG, the smallest of the big four auditing firms, and with over 1,000 audit clients, would be catastrophic, as it would lead some of the best
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