People say a lot of crazy things on Twitter. I know I have. But this guy just said the craziest:
MyPOV: @GrantThornton @bdo_usa @McGladrey are on the verge of breaking into the Big4 in 5 years. Definitely worth watching. #profservices
— R Ray Wang (@rwang0) April 16, 2014
OK so let's ignore the fact that it's called the Big 4 for a reason (as in, you don't have to be an accountant to understand that the "4" represents four firms). Meaning even if this dude were onto something (which he clearly isn't), it would mean 3 firms would have to be vaporized off the face of the planet by some devastating Act of GAAP for this to happen. Yeah, over Ken Lay's dead body.
Even Grant Thornton was like "say what now, bro?"
@rwang0 an interesting point of view. Why do you specifically think five years? Could #auditorrotation play a big role?
— Grant Thornton (@GrantThornton) April 16, 2014
Perhaps GT didn't get the memo that auditor rotation is off the PCAOB's extended to do list.
Despite the PCAOB's disinterest in forcing auditor rotation for the foreseeable future, Mr Wang (*giggle*) thinks auditor rotation will play a big role:
@GrantThornton yes. audit rotation will play a big role and the desire to expand to advisory by the big4 creates independence issues.
— R Ray Wang (@rwang0) April 16, 2014
Yeah OK, bro, whatever you say.
