The Big Four: Accounting Firms Under Scrutiny (2021)

The documentary The Big Four: Accounting Firms Under Scrutiny delves into the critical role played by the world’s four largest auditing firms: EY (Ernst & Young), PwC, KPMG, and Deloitte. These firms, collectively known as the “Big Four,” wield immense influence in the global economy. Their primary responsibility is to audit financial statements and create trust in companies. However, recent scandals have raised questions about their effectiveness and integrity.

The Wirecard scandal serves as a focal point in the documentary. For a decade, EY auditors certified Wirecard’s annual financial statements, failing to detect a massive fraud orchestrated by a network of criminals. Through accounting tricks, these fraudsters inflated Wirecard’s books by billions of euros. The fallout was devastating: hundreds of Wirecard employees lost their jobs, and investors collectively lost €4.5 billion. The auditors’ failure to recognize the fraud raises crucial questions: Were they negligent or overextended?

Beyond their auditing role, the Big Four offer extensive consulting services, leveraging their vast knowledge of company and tax law. Their dominance extends beyond auditing, influencing governments and corporations alike. But has their power become excessive, even uncontrollable?

The documentary investigates potential conflicts of interest within the Big Four. It sheds light on their intricate involvement in a complex web of political and economic dependencies. By examining their actions during the Wirecard scandal, the film challenges the perception of these firms as impartial guardians of financial integrity. Auditors’ responsibilities extend beyond mere compliance; they shape trust, transparency, and the stability of the global financial system.

The documentary invites viewers to question the very foundations of trust in financial reporting and the accountability of auditors in an increasingly complex and interconnected world.