We found the following stats interesting from the AFR earlier in the week. The following table shows the chosen auditor of each of Australia’s top 20 sharemarket listed companies as well as the size of the audit bill for FY 2010:
- AMP – E&Y ($11,106,000)
- ANZ – KPMG ($14,255,000)
- BHP Billiton – KPMG ($13,377,00)
- Brambles – PwC ($4,178,000)
- CSL – E&Y ($3,208,000)
- CBA – PwC ($17,654,000)
- Foster’s – PwC ($4,293,000)
- Macquarie – PwC ($16,947,000)
- NAB – E&Y ($24,833,000)
- Newcrest Mining – E&Y ($757,887)
- Origin Energy – KPMG ($2,560,000)
- QBE Insurance – PwC ($20,396,000)
- Rio Tinto – PwC ($45,200,000)
- Suncorp – KPMG ($9,489,000)
- Telstra – E&Y ($8,521,000)
- Wesfarmers – E&Y ($9,193,000)
- Westfield – E&Y ($10,585,000)
- Westpac – PwC ($$18,994,000)
- Woodside Petroleum – E&Y ($1,142,000)
- Woolworths – Deloitte ($2,344,000)
All told, the auditor breakdown of the top 20 Aussie companies is E&Y with 8/20, PwC with 7/20, KPMG with 4/20 on Deloitte with a paltry 1/20. This represents total top-20 audit revenue of:
In other news, PwC last week switched over to its much publicised new branding. In its media statement, the accounting firm noted:
PricewaterhouseCoopers … has refreshed its branding in order to strengthen, and modernise how it represents its worldwide network to its clients, its people and the communities in which it operates. The new branding includes a simplified logo consisting of the initials “pwc” in lower-case type. In practice, the initials “PwC” have been used interchangeably with “PricewaterhouseCoopers” both within and outside the organisation since its formation in 1998…The new logo was developed after consultation with PwC‘s clients, partners and employees and is designed to be easier to use and better suited to digital and online use.
We’re not sure how many Australian employees were consulted about the new logo, as no less than half a dozen PwC spies (thanks for writing in!) have commented on the likeness that the new symbol bears to a piece of Leggo.
What do you think?
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I’m not sure what is worse – the new logo (welcome back to the 80s) or the new website (whatwouldyouliketogrow.com.au). Looks like another failure in the same vein as the “whatwouldyouliketochange.com.au” campaign. Would companies really want a firm that is so clueless advising them?
Has anyone else noticed that the latest comments in the most popular section (business) were posted over a week ago (22/09/2010). Great work guys.
These stats aren’t new…. Deloitte has been way behind the other big 4 Audit practices for quite some time. When I was there not a lot was being done about it. Interesting that the bad PWC branding hasn’t in any way affected their appeal to big clients.
@L
Macquarie Bank tried to have EY as their chosen auditor for last year but this was overturned by the regulators…. clearly a signed that Mac Bank have not been happy with PwC.
and the horrible people in the CBA practice at PwC deserve to lose CBA to one of the other big four
@Interesting
If I am not mistaken, EY used to audit CBA until about 3 years ago – seems like CBA are not happy with PWC now – maybe EY could win them back!
I do not work at any of the Big 4, but I must say, the pwc re-branding is atrocious. What were they thinking?