The history of Deloitte, PwC, EY and KPMG spans more than a century of mergers, international expansion, corporate scandals and regulatory change.
From the rise of the Big Eight to the collapse of Arthur Andersen in 2002, the accounting profession has undergone a remarkable transformation. This collection explores the events, people and commercial pressures that shaped today’s Big Four.
The origins and evolution of the Big Four
The Rise of the Big Eight Audit Firms
How industrialisation, expanding capital markets and the growth of multinational corporations gave rise to eight dominant accounting firms.
McKesson & Robbins: The Fraud That Changed How Audits Are Done
How a multimillion-dollar fraud in 1938 escaped detection by Price Waterhouse, exposed weaknesses in auditing practices and led to fundamental changes in how auditors verify company accounts.
How the Big Eight Audit Firms Became the Big Four
The mergers of the 1980s and 1990s that transformed the Big Eight into the Big Five, followed by the collapse that left just four global firms.
Arthur Andersen and Enron: How a Big Five Accounting Firm Collapsed
How the Enron scandal, the destruction of audit documents and Andersen’s obstruction-of-justice conviction brought down one of the world’s largest accounting firms, despite the conviction’s subsequent reversal.
What Arthur Andersen’s Training Model Can Teach the Big Four About AI
A former Arthur Andersen professional examines the firm’s approach to training and considers what its methods can teach today’s Big Four as artificial intelligence transforms audit work.
Accounting standards and regulatory history
Dennis Beresford on the Stock Options Battle That Tested FASB’s Independence
The former FASB chairman recounts the extraordinary corporate and political pressure surrounding the accounting treatment of employee stock options in the 1990s, including the role of the major accounting firms.
Timeline: How the SEC and PCAOB Are Quietly Redrawing US Audit Oversight
From the securities legislation introduced after the Wall Street Crash to the creation of the PCAOB following Enron and WorldCom, this timeline traces the evolution of US audit regulation and more recent changes to oversight.
Related research
Global Big Four Scandal Timeline
A chronological record of major scandals involving Deloitte, PwC, EY and KPMG across multiple countries, documenting misconduct allegations, regulatory investigations and enforcement actions.
Big Four History is a growing Big4News research resource. New articles will be added as the collection develops.