Please ensure Javascript is enabled for purposes of website accessibility
January 27, 2023

Number of the Day: 5,447

No, that’s not the combined number of sit-ups and push-ups PwC Chairman Tim Ryan does in a week. It’s the number of SEC-registered clients across the mutual fund spectrum that are audited by PwC, according to a recent Audit Analytics analysis.

And as Audit Analytics noted, PwC has a stranglehold on mutual fund engagements, with 41.1% of all fund and series audits.

According to Audit Analytics:

Much of this can be attributed to the engagement of many of the largest investment management companies; PwC is the auditor of over 400 BlackRock, 300 Fidelity, and 200 Vanguard funds and series.

P. Dubs is followed by its Big 4 brethren—EY (16.9%), Deloitte (15.7%), and KPMG (11.6%).

Here’s a chart from Audit Analytics that breaks down mutual fund market share by audit firm:

Who Audits Mutual Funds – An Overview [Audit Analytics]
PwC dominates mutual fund audits [Accounting Today]

Related article:

Tim Ryan Crunches More Than Just Numbers

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Do Ex-Big 4 Accountants Make Good NFL Team CEOs?

Last week the Chicago Bears introduced Kevin Warren, most recently commissioner of the Big Ten Conference who also has 21 years of experience as an NFL team executive, as the franchise’s fifth president and CEO in its 103-year history. Warren succeeds Ted Phillips who is retiring after 40 seasons with the Bears, including the last […]

RSM US Finally Might Be Taking Audit Quality a Little More Seriously, According to 2021 PCAOB Inspection Report

Based on the 2021 PCAOB inspection reports we’ve reviewed so far, the audit firm that would win the “most improved” award is RSM US. From 2017 to 2020, RSM had an average yearly audit failure rate of 42%, including failing 46% of its audits reviewed by PCAOB inspectors in 2020. But during the most recent […]