The Big Four audit firms, EY, PwC, KPMG, and Deloitte, are critical players in the global economy, trusted with creating transparency and trust in companies through their rigorous analysis and scrutiny. However, their track record has come under fire, with all four firms involved in major financial scandals.
The recent Wirecard scandal in which EY failed to detect a €4.5 billion fraud case has raised questions about the auditors’ effectiveness, leading people to ask whether they have become too powerful and even potentially out of control. The Big Four dominate the audit industry and have extensive knowledge of company and tax laws, making them indispensable. With growth opportunities in auditing all but exhausted, the Big Four offer a host of consulting services, raising concerns about their potential conflict of interest. This documentary delves into the auditors’ role in the Wirecard scandal, analyses the issues and potential problems within the Big Four, and exposes the companies’ place in a complex web of political and economic dependencies.