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Re: tax it mostly impacts ability to get public clients, from a reputation perspective. What I’ve found in discussions with principles, a result of the audit quality thing, is that audits for public companies will almost guarantee review by a regulatory body. Don’t think a public company will find that attractive.
Some ACs are concerned with reputation sure. But many just want lowest cost and BDO will lower fees and they will retain them. Same thing happened with Grant Thornton like 10-15 years ago. One of their clients that had annual revenue of 50mbor under had an 30m plus embezzlement over a few years they didn’t find and my recollection was they didn’t lose clients
It’d be good enough for companies that wanna cheap out from Big4 though
Fair point