Congratulation to the new committee for year 07/08 for the success of managing the 2nd ACCA UTAR Student Conference. I am proud of all of you.
Well done to all the committees, helpers and all participants that make the whole day a day to be remember...Sorry that I m only able to be there for the opening and the talk session as I am rushing for other function..
All the best to the everyone in the future...
Do check out this blog as we will update with more news about accounting field...Non bias opinion from the ex utarian for the utarian...Hope those blogger who want to blog can register with me...hehehe
Hope this blog can serve as good path between the senior and junior and will be an active area for students to get more information. Do post some question in the comment side and we will help to answer it if we are fit enough to answer your questions...Thanks
Friday, February 29, 2008
Thursday, February 21, 2008
Group A vs Big 4
Alliance to take on 'Big Four'
By Chong Pooi Koon
pooikoon@nstp.com.my
A GROUP of eight mid-sized accounting firms are working to form a loose alliance to provide clients a clear alternative to the "Big Four" that dominate the industry, Business Times learnt.
Led by BDO Binder, SJ Grant Thornton and Monteiro & Heng, the eight will form the so-called "Group A" of second-tier firms, mirroring a similar development that has already happened in the UK and Singapore.
"It is also called 'Group A' in the UK. The 'A' signifies quality, as we aim to improve the quality and standard of audit in Malaysia," a source familiar with the development said. The group will allow smaller firms to be better represented to discuss issues with the authorities such as the Securities Commission, Bursa Malaysia, Companies Commission of Malaysia and the Malaysian Institute of Accountants. They could win more clients by promoting their expertise in niche areas like investigative work. Also, they could provide better attention to clients due to their size, compared with large firms. At present, audit works for Malaysia's public-listed companies (PLCs) are dominated by the four largest accounting firms led by Ernst & Young, which together are auditors to more than half of the 1,000 or so listed companies. Others in the "Big Four" league are KPMG, PricewaterhouseCoopers and Deloitte Malaysia.
The second-tier firms have a combined 20 per cent share of the listed companies market. "The eight of us add up, we will have over 200 Plc clients, second after Ernst & Young. Individually, we are leaders in our respective niche areas," another source said. "Together, we can be alternative to the Big Four. Not to eat into their market share, but we want to provide more check and balance and perhaps give a second opinion," the source added. Globally and domestically, the industry has been consolidating over the years, shrinking from eight major
accountancy firms to the current four.
The latest consolidation happened when Arthur Anderson, previously among the "Big Four" international accounting firms, was brought down by the infamous Enron scandal.
"Eventually if they merge into two or one, there will be a problem. There is too little check and balance in terms of methodology and the way things are done. Therefore, there's the emergence of second-tier like the 'Group A'," an industry player said.
http://www.btimes.com.my/Current_News/BTIMES/Friday/Frontpage/g8.xml/Article/print_html/html2pdf?url=/Current_News/BTIMES/Friday/Frontpage/g8.xml/Article/index_html/print_html
By Chong Pooi Koon
pooikoon@nstp.com.my
A GROUP of eight mid-sized accounting firms are working to form a loose alliance to provide clients a clear alternative to the "Big Four" that dominate the industry, Business Times learnt.
Led by BDO Binder, SJ Grant Thornton and Monteiro & Heng, the eight will form the so-called "Group A" of second-tier firms, mirroring a similar development that has already happened in the UK and Singapore.
"It is also called 'Group A' in the UK. The 'A' signifies quality, as we aim to improve the quality and standard of audit in Malaysia," a source familiar with the development said. The group will allow smaller firms to be better represented to discuss issues with the authorities such as the Securities Commission, Bursa Malaysia, Companies Commission of Malaysia and the Malaysian Institute of Accountants. They could win more clients by promoting their expertise in niche areas like investigative work. Also, they could provide better attention to clients due to their size, compared with large firms. At present, audit works for Malaysia's public-listed companies (PLCs) are dominated by the four largest accounting firms led by Ernst & Young, which together are auditors to more than half of the 1,000 or so listed companies. Others in the "Big Four" league are KPMG, PricewaterhouseCoopers and Deloitte Malaysia.
The second-tier firms have a combined 20 per cent share of the listed companies market. "The eight of us add up, we will have over 200 Plc clients, second after Ernst & Young. Individually, we are leaders in our respective niche areas," another source said. "Together, we can be alternative to the Big Four. Not to eat into their market share, but we want to provide more check and balance and perhaps give a second opinion," the source added. Globally and domestically, the industry has been consolidating over the years, shrinking from eight major
accountancy firms to the current four.
The latest consolidation happened when Arthur Anderson, previously among the "Big Four" international accounting firms, was brought down by the infamous Enron scandal.
"Eventually if they merge into two or one, there will be a problem. There is too little check and balance in terms of methodology and the way things are done. Therefore, there's the emergence of second-tier like the 'Group A'," an industry player said.
http://www.btimes.com.my/Current_News/BTIMES/Friday/Frontpage/g8.xml/Article/print_html/html2pdf?url=/Current_News/BTIMES/Friday/Frontpage/g8.xml/Article/index_html/print_html
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