No wonder PwC loses clients. We test 300 revenue samples on a subsidiary. KPMG audits the parent and literally does a revenue analytic. Not agreeing with KPMG but certainly hard to compete with that.

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PwC is doing the appropriate testing, which is an insane level of testing. That's why they have the lowest PCAOB failure rates and are best in class when it comes to PCAOB inspections. Basically PCAOB standards are insane if you actually audited yo them:

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KPMG doesn't do enough testing, PwC is overtesting

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I hate all of those words ^

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Can you please explain it to a tax accountant? Are you saying Pwc does more unnecessary things and therefore costs more on an audit?

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And I thought PwC loses clients because other firms are willing to undercut their fees

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I think Deloitte doesn't do anymore than 200 samples.

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Clients don't want to pay for audits. Regardless of the necessity they'd rather go to a cheaper audit even if it is not as comprehensive. Not saying the revenue analytic isn't enough, though. The PWC audit might have been too much. Btw you should try to learn about what it is the other business lines do. It helps when talking to clients and getting them the services that they don't know they need. And if you wanna make partner you gotta sell.

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Going "high" on revenue is just suicide. We have a lot of managers who are also scared to death to get away from PBIT as our benchmark even when the client breaks even. Murders out nonpublic jobs...

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I thought EY doesn't do enough testing based on several workpaper reviews over sec filers i've been on....

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Deloitte requires consulting with EQCR and a national partner if sample is too high. Plus need do a combined approach analytics and detail testing...so I think we are the "Worst"

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+ all b4 uses a firm approved sampling tool/sw, i haven't heard of a team receiving a comment during pcaob review for a number of samples selected/tested... an appropriate audit approach may vary based on case by case basis....

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When firms have 30-50%+ margins, there's always room to undercut. It typically has nothing to do with the time it takes. They charge by the hour, but the fee is a largely made up feel good number loosely based on prior year hours and what they can get away with.

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Everyone is over testing/auditing.

Kpmg still issues audit opinions?

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