The top three issues facing each of the top five

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The top three issues facing each of the top five companies Possible solutions for each of the issues Outlook for the industry both short-term and long-term SWOT Analysis
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Lists of selected Industries & Companies ACCOUNTING 1. PricewaterhouseCoopers 2. Deloitte and Touché 3. Ernst & Young 4. KPMG 5. Grant Thorton _____________________________________________________________ AIRLINE 1. United Airlines 2. Delta Airlines 3. American Airlines 4. Southwest Airlines 5. U.S. Airways ___________________________________________________________________ AUTOMOTIVE 1. Toyota Motor Corporation 2. Volkswagen 3. General Motors Company 4. Ford Motor Company 5. Hyundai Motor ____________________________________________________________________ BANKING 1. J.P. Morgan Chase 2. Wells Fargo 3. Banking of America 4. Citigroup Goldman Sachs Group The Accounting Industry
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Top Five Companies within the Accounting Industry (by revenue) PriceWaterhouseCoopers (31.5B) Deloitte & Touché (31.3B) Ernst & Young (23.4B) KPMG (23B) Grant Thornton (4.2B) Overview of Accounting Industry The accounting industry is a professional career field where accountants offer financial services to public and private business industries. Public accounting includes public accounting firms and individual certified public accountants who work independently with clients. Private accounting is where an individual usually works directly for a company completing internal accounting processes. Integrity and ethics are two key features of the accounting industry. The “Big Four”
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and about 45 other companies assist in making the industry very fragmented as the top 50 companies of the industry hold almost 50% of the market share. The rest of the industry consists of small, more community oriented firms. Financials The Accounting Industry is a private industry therefore financial records are not publicly available. Financials Revenues PriceWaterhouseCoopers 31.5 billion Deloitte and Touché 31.3 billion Ernst and Young 23.4 billion KPMG 23 billion Grant Thornton 4.2 billion Top Three Issues Facing Industry Issues facing Industry Solutions Client retention due to ever changing audit and accounting standards Give the client what they expect and more therefore increasing client retention
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Controversy over the adoption of IFRS standards Prepare for the adoption of the new IFRS standards considering the modifications are significant Companies are losing millions of dollars yearly due to all types of fraud Deter fraud, capture it while it is in its early stages and losses haven’t reached their peek PriceWaterhouseCoopers Issues & Solutions Issues Solutions Dropped clients as a result of allegations of not reporting false or illegal financial activities surrounding MF Global PwC’s best interest is to rectify their public image with a formal statement regarding the issue to nullify and feelings of distrust PwC’s rapid support to the IRFS standards Inform clients that as a result of their positive attitude about the change in standards the transition should not negatively affect them Lawsuit filed by the company Cattles Pic, PwC committed numerous accounting errors which led to a gross misstatement of the company’s bad debt
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