Poor quality of services by KPMG, E&Y, Deloitte and PwC

As the quality of services by the big four tax and audit firms have still not improved, the Dutch Ministry of Finance Mr. J. Dijsselbloem pledged to get tough on KPMG, E&Y, Deloitte and PwC after a damning report from the AFM (Dutch financial services regulator). The AFM said on Thursday that the big four firms have done little to improve the quality of their annual report audits since the last inspection in 2010. The quality issues are structural and require fundamental reforms and a cultural shift. Mr. Dijsselbloem said “the checks which accountants are required to carry out by law should be above reproach, it is unacceptable that the quality is not up to standard.”