its financial statements, which contain audited reports of the organization's accounts,

其財務報表，其中載有該組織賬目的審計報告；

giving them the confidence to part with their money.

讓他們有信心捨得花錢。

For a majority of large, publicly traded companies, these audits are conducted by one of the Big

對於大多數大型上市公司來說，這些審計是由大公司之一進行的。

Four accounting firms: KPMG, PWC, EY and Deloitte.

四家會計師事務所。 KPMG、PWC、EY和Deloitte。

But their dominance is under threat from regulators.

但他們的主導地位正受到來自監管機構的威脅。

Following the collapse of some high-profile companies, scrutiny is on the conflict of

在一些知名公司倒閉後，人們對其衝突的審查是在。

interest between the accounting industry's audit and non-audit services.

會計行業的審計與非審計服務之間的利益。

It's led to calls from the public, politicians and regulators for the break-up of the Big

這導致公眾、政治家和監管機構呼籲解散大。

Four and a shakeup of the accounting industry.

四是會計行業的震盪。

In 2001, energy company Enron collapsed amid accusations of accounting fraud, which was

2001年，能源公司安然公司在會計欺詐的指控中倒閉，而這是

at the time, the largest corporate bankruptcy in U.S. history.

在當時，是美國曆史上最大的企業破產案。

The demise of a publicly listed company that was worth over $60 billion left many asking

一家價值600多億的上市公司的倒閉，讓很多人都在問

how the firm's auditors, Arthur Andersen, could have signed off on accounting books

該公司的審計師安達信怎麼會在會計賬簿上簽字呢？

that overstated the energy giant's profitability.

，高估了能源巨頭的盈利能力。

Arthur Andersen ended up being another casualty of the scandal, convicted of obstructing justice

阿瑟-安徒生最終成為醜聞的另一個犧牲品，被判妨礙司法公正罪

and losing the right to file accounts.

並失去報賬權。

Less than a year after its conviction, the fate of America's oldest accounting firm

在其被定罪後不到一年，美國最古老的會計師事務所的命運就被

was effectively sealed, even though the Supreme Court later overturned the ruling.

被有效封存，儘管最高法院後來推翻了這一裁決。

Andersen's firms around the world were then sold off to members of what became the Big Four.

安徒生在世界各地的公司隨後被賣給了後來的四大公司的成員。

But before the emergence of the Big Four, the market for audit services was dominated

但是，在四大會計師事務所出現之前，審計服務市場是被主導的

by eight companies that were created through alliances across the Atlantic and beyond.

由八家公司通過大西洋內外的聯盟創建。

Along with Arthur Andersen, the eight included Arthur Young, Coopers & Lybrand, Deloitte

除安達信外，這八家公司還包括安永、永道、德勤。

Haskins & Sells, Ernst & Whinney, Peat Marwick Mitchell, Price Waterhouse, and Touche Ross.

Haskins & Sells、Ernst & Whinney、Peat Marwick Mitchell、Price Waterhouse和Touche Ross。

The Big Eight, as they were known, grew rapidly amid a wider consolidation within the industry,

眾所周知，"八大 "是在行業內部更廣泛的整合中迅速成長起來的。

including smaller firms like KMG which merged with Peat Marwick to eventually become KPMG.

包括像KMG這樣規模較小的事務所，KMG與Peat Marwick合併，最終成為KPMG。

Marketed as modern, global business networks, competition between the eight intensified

作為現代化的全球商業網絡，八大網絡之間的競爭愈演愈烈。

as they expanded internationally.

隨著他們在國際上的擴張。

By 1989, the Big Eight started to whittle down further when Arthur Young combined with

到了1989年，八巨頭開始進一步白熱化，亞瑟-楊與。

Ernst & Whinney while Deloitte Haskins & Sells merged with Touche Ross to form Deloitte & Touche,

安永會計師事務所，而德勤Haskins & Sells與Touche Ross合併為德勤會計師事務所。

usually referred to as Deloitte.

通常指的是德勤。

The Big Six became the Big Five in 1998 when Price Waterhouse merged with Coopers & Lybrand

1998年普華永道與永道合併後，六大會計師事務所成為五大會計師事務所。

to form PricewaterhouseCoopers, now known as PwC.

組成普華永道，即現在的普華永道。

And when Arthur Andersen collapsed, the Big Five became the Big Four.

而當亞瑟-安達信倒閉後，五大聯盟就變成了四大聯盟。

Their dominance of the industry has grown ever since.

從此，他們在行業中的主導地位越來越大。

In 2019, the Big Four had more than 75% of the global accounting market share, nearly

2019年，四大會計師事務所佔全球會計市場份額的75%以上，近似於

a 10 percentage point increase from the year before, while their revenues during that financial

比前一年增加了10個百分點，而他們在該財政年度的營收

year exceeded $154 billion.

年超過1540億美元。

The group also has a lock on the world'slargest public companies.

該集團還鎖定了全球最大的上市公司。

In 2019, just five of the 500 companies in the S&P stock market index were audited by

2019年，在標普股市指數的500家公司中，僅有5家公司接受了審計。

a non-Big Four firm.

一個非四大公司。

In the U.K., all companies that make up the FTSE 100, the country's blue-chip index,

在英國，所有組成富時100指數的公司，都是該國的藍籌股指數。

were audited by one of the Big Four in 2018.

在2018年被四大之一的審計。

This collective dominance is one reason why regulators are attempting to prise the audit

這種集體主導地位是監管機構試圖剝離審計的原因之一。

market open to tougher scrutiny and fresh competition.

市場開放，接受更嚴格的審查和新的競爭。

Critics of the Big Four also point out that despite all their resources, including over

四巨頭的批評者還指出，儘管他們擁有所有的資源，包括超過1.5億歐元的資金，但他們仍在不斷增加。

a million employees, there have been several high-profile failures to uncover massive frauds.

百萬員工，有幾個高調的失敗，揭露了大規模的欺詐行為。

A few months after Enron filed for bankruptcy, a bigger accounting scandal involving U.S.

在安然公司申請破產幾個月後，一場更大的會計醜聞涉及美國。

telecommunications company WorldCom erupted, this time ensnaring KPMG, who took over the

電信公司WorldCom爆發，這一次是畢馬威會計師事務所（KPMG）接手的。

accounting books from the embattled Arthur Anderson.

陷入困境的亞瑟-安德森的會計賬本。

While the Big Four managed to emerge relatively unscathed, more accounting scandals continued

雖然四大行能夠相對安然無恙，但更多的會計醜聞仍在繼續。

to rock investor confidence in the years ahead.

以震撼投資者未來幾年的信心。

I wouldn't hire you, to do an audit of the contents of my fridge.

我不會僱你，做一個審計 我的冰箱的內容。

These include the demise of Lehman Brothers in 2008, which was audited by Ernst & Young,

其中包括2008年雷曼兄弟的消亡，由安永會計師事務所進行審計。

now known as EY,

現在稱為安永。

Lehman has lost – you can see right there – 36% of its value.

雷曼已經損失了--你可以看到這裡--36%的價值。

The insolvent construction giant Carillion, which counted Deloitte and KPMG as its auditors,

破產的建築業巨頭Carillion，其審計師是德勤和畢馬威。

We were a customer of Carillion, not the manager of Carillion.

我們是Carillion的客戶，不是Carillion的經理。

Tour operator Thomas Cook, whose accounts were signed off by PwC and EY, and the 1MDB

旅遊運營商托馬斯-庫克的賬目由普華永道和安永會計師事務所簽收，以及1MDB

scandal, which tainted three of the Big Four firms.

醜聞，汙染了四大公司中的三家。

In 2020, German regulators examined EY for approving the accounts of online payments

2020年，德國監管機構對EY公司進行了檢查，因為它準許了在線支付的賬戶。

company Wirecard, for more than ten years, before it filed for insolvency.

公司Wirecard，在申請破產前的十多年裡，。

Critics believe they avoid properly scrutinizing their clients' accounts because this could

批評者認為，他們避免對客戶的賬戶進行適當的審查，因為這樣做可能會

threaten their consultancy work.

威脅到他們的顧問工作。

Along with auditing, the Big Four offer other services such as management consulting, taxation,

除了審計，四大會計師事務所還提供其他服務，如管理諮詢、稅務。

market research and legal advisory services.

市場研究和法律諮詢服務；

In fact, these non-audit services provide the lion's share of the Big Four's income.

事實上，這些非審計服務為四大行的收入提供了絕大部分。

In the U.K., only a fifth of the Big Four's total revenue is generated from auditing.

在英國，四大會計師事務所的總收入中只有五分之一來自審計。

In the case of Enron, Arthur Andersen was earning more from the consulting services

在安然事件中，安達信從諮詢服務中獲得的收入更多。

it provided to the energy firm than it did from its auditing activities.

它向能源公司提供的服務比其審計活動提供的服務要多。

Critics also claim that the strong growth of the non-audit business, which resulted

批評者還稱，非審計業務的強勁增長，導致了

from changes in the business environment for accounting firms in the 1970s, has impaired

從20世紀70年代會計師事務所經營環境的變化，損害了

the robustness and objectivity of audits.

審計的穩健性和客觀性；

While the standardized approach to audits ensures that financial statements are fairly

雖然標準化的審計方法確保了財務報表的公平性。

stated without material discrepancies, and that appropriate internal controls are in

適當的內部控制措施已經到位，沒有重大差異。

place, this has led to a mismatch in the expectations and limitations of audits.

地方，導致審計的期望和侷限性不匹配。

In fact, a study of nearly 2,700 cases of workplace fraud in 125 countries found that

事實上，一項對125個國家近2700起工作場所欺詐案件的研究發現：

a majority are uncovered through tip-offs — showing the importance of whistleblowing

大多數是通過舉報揭發的--顯示出舉報的重要性。

hotlines — as opposed to internal or external audits.

熱線----相對於內部或外部審計。

The Big Four insist, however, that regulations restricting consultancy work are sufficient

然而，"四大 "堅持認為，限制顧問工作的規定已經足夠了。

to protect the independence of their auditing services.

以保護其審計服務的獨立性。

These include the Sarbanes–Oxley Act of 2002 in the U.S., and Japan's Financial

其中包括美國2002年的《薩班斯-奧克斯利法案》和日本的《金融?

Instruments and Exchange Act.

《文書和交易法》。

In the U.K. and EU, auditors are not allowed to provide consulting advice to businesses

在英國和歐盟，審計師不得為企業提供諮詢意見

one year leading up to and during the term of an audit contract.

在審計合同期之前和期間的一年內。

Companies included in the FTSE 350 Index, the 350 Biggest companies in the U.K., must

被納入富時350指數（英國350家最大公司）的公司必須是

also put their audit out for tender every 10 years and must change auditors every 20 years.

此外，他們還每10年進行一次審計招標，每20年必須更換一次審計師。

However, these restrictions, according to regulators, aren't fool proof.

不過，監管部門認為，這些限制並不是萬能的。

When an auditing contract ends, the firm can immediately begin doing consultancy work for

當審計合同結束時，公司可以立即開始為以下公司做諮詢工作

the same company, making it less likely for existing auditors to challenge a client if

如果是同一公司，現有的審計師就不太可能對客戶提出質疑。

it jeopardizes future contracts for lucrative non-audit work.

它危及未來利潤豐厚的非審計工作的合同。

Some politicians also argue that these regulations are overly complex and hinder competitiveness.

一些政治家也認為，這些法規過於複雜，阻礙了競爭力。

Even with more regulatory paperwork and longer annual reports, these accounting scandals

即使有更多的監管文件和更長的年度報告，這些會計醜聞

have not abated.

沒有減少。

There are signs, though, that the Big Four realize that the status quo cannot continue forever.

不過，有跡象表明，四巨頭意識到，現狀不能永遠持續下去。

Deloitte has set up an audit governance board, which it claims will “focus on the policies

德勤成立了審計治理委員會，聲稱將 "重點關注政策。

and procedures for improving audit quality.”

和程序，以提高審計品質。"

And EY, in the wake of the Wirecard scandal, has told its clients that auditors should

而安永會計師事務所在Wirecard醜聞發生後，告訴客戶，審計師應

play a bigger role in detecting fraud.

在偵查欺詐方面發揮更大的作用。

The U.K.'s accounting regulator, the Financial Reporting Council, has also set a 2024 deadline

英國的會計監管機構--財務報告委員會也設定了2024年的最後期限。

for the Big Four to separate their audit units from their other services, although the watchdog

四大會計師事務所將其審計部門與其他服務部門分開，儘管監督機構也有自己的意見。

stopped short of demanding a full, structural break-up of the firms.

沒有要求對公司進行全面的結構性拆分。

The Big Four, in response to queries from CNBC, said that they have taken steps to enhance

四巨頭在回答CNBC的詢問時表示，他們已經採取措施加強了

audit governance, including engaging with the Financial Reporting Council on the principles

審計治理，包括與財務報告理事會就審計原則進行接觸。

of operational separation.

的業務分離。

Audits serve a crucial role in instilling public confidence in financial markets.

審計在建立公眾對金融市場的信心方面發揮著重要作用。

Yet, the same costly errors that resulted in the demise of Arthur Andersen nearly twenty

然而，同樣代價高昂的錯誤，導致了安徒生近20年的滅亡。

years ago are still happening today.

多年前的事情，今天依然在發生。

Unless the industry can restore confidence that their audits are independent, objective

除非業界能夠恢復信心，相信他們的審計是獨立、客觀的。

and uncompromised, the pressure will build on regulators to act before the financial

和不妥協，監管機構的壓力將越來越大，必須在金融之前採取行動。

world is engulfed in yet another accounting scandal.

世界正被另一樁會計醜聞所吞噬。

Hi guys, thanks for watching our video. I briefly mentioned Wirecard in this story.

大家好，感謝大家觀看我們的視頻。 我在這個故事中簡單的提到了Wirecard。

We made another explainer on that scandal specifically so do check that out

我們還專門就這起醜聞做了另一個解釋，所以請你看一下。

and we'll see you next time.

我們下次再見