No room for a fifth? The Big Four’s iron grip on STI audits
Every company in the index uses PwC, KPMG, EY or Deloitte. Why can’t mid-tier rivals break in?
Add BT as a preferred source
[SINGAPORE] Thirty listed companies comprise The Straits Times Index (STI). But when those companies choose an auditor, the field narrows to just four names.
Every current constituent appoints either PwC, KPMG, EY or Deloitte. Not one uses a mid-sized firm, generally referring to businesses with fewer than 1,000 employees.
This is despite the fact that mid-sized firms, such as Baker Tilly, BDO and RSM Singapore, do audit other listed companies and compete for initial public offering (IPO) work.
TRENDING NOW
High Court rejects bid to bring ST Engineering unit into trademark infringement suit over RSAF aircraft parts
Ex-Sakae director Ong Siew Kwee handed 10.5-year jail term for misappropriating S$15.8 million, lying in court
Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks
Passing on values comes into focus as Asean’s family businesses hand over the reins
