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]
Tim Ryan Crunches More Than Just Numbers