{"id":1220,"date":"2020-08-26T18:11:11","date_gmt":"2020-08-26T16:11:11","guid":{"rendered":"https:\/\/eaa-online.org\/arc\/blog\/blog\/market-concentration-pies-analysis-transparency-report-data-0\/"},"modified":"2020-08-26T18:11:11","modified_gmt":"2020-08-26T16:11:11","slug":"market-concentration-pies-analysis-transparency-report-data-0","status":"publish","type":"post","link":"https:\/\/eaa-online.org\/arc\/blog\/2020\/08\/26\/market-concentration-pies-analysis-transparency-report-data-0\/","title":{"rendered":"Market Concentration of PIEs \u2013 An Analysis of Transparency Report Data"},"content":{"rendered":"<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">This analysis was originally posted by&nbsp;<a href=\"https:\/\/blog.auditanalytics.com\/three-ways-to-measure-market-concentration-a-comparison-between-the-uk-and-germany\/\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px none; background: transparent; font-weight: inherit; vertical-align: top; text-decoration-line: none; color: rgb(255, 104, 13); transition: color 0.4s ease 0s, background-color 0.4s ease 0s; outline: none !important;\">Audit Analytics<\/a>.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">According to Article 13 of the Audit Regulation of 2014 (<a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/en\/TXT\/?uri=CELEX:32014R0537\" rel=\"noreferrer noopener\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: bold; outline: 0px; vertical-align: baseline; text-decoration-line: none; color: rgb(67, 102, 113); transition: color 0.4s ease 0s, background-color 0.4s ease 0s; font-family: inherit; font-style: inherit;\" target=\"_blank\">Regulation EU 537\/2014<\/a>), a statutory auditor of a public interest entity (PIE) must publish an annual transparency report on the firm&rsquo;s website, at the latest four months after the end of each financial year. Among other disclosures, the transparency report must include a list of public interest entities for which the statutory auditor or audit firm carried out statutory audits during the preceding financial year.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">Audit Analytics tracks these reports and has collected over 5,600 transparency reports with over 172,000 disclosed PIEs, many dating back to 2010.&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">Public interest entities are:<\/p>\n<ul style=\"box-sizing: border-box; margin: 0px 0px 1.625em 2.5em; padding-right: 0px; padding-left: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; list-style: square; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">\n<li style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">\n\t\tEntities traded on a regulated market of an EU Member State;<\/li>\n<li style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">\n\t\tCredit institutions;<\/li>\n<li style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">\n\t\tInsurance undertakings; or<\/li>\n<li style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">\n\t\tEntities designated by Member States as public-interest entities (The EU Commission has called these &ldquo;National PIEs.&rdquo;)<\/li>\n<\/ul>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">The table below shows the number of PIEs disclosed by auditor network throughout the EEA, Switzerland, and the United Kingdom. Perhaps unsurprisingly, even after the 2014 Audit Reform, the Big Four audited the most PIEs from 2015 to 2019.<\/p>\n<div class=\"wp-block-image\" style=\"box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"box-sizing: border-box; margin: 0px auto; padding: 0px; border: none; display: table; clear: both;\">\n\t\t<br style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: none;\" \/><br \/>\n\t\t<img decoding=\"async\" class=\" size-full wp-image-1211\" alt=\"\" class=\"wp-image-33362\" height=\"289\" loading=\"lazy\" sizes=\"(max-width: 523px) 100vw, 523px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/08\/https__blog.auditanalytics.com_wp-content_uploads_2020_08_TR-PIEs-by-Auditor-1.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-PIEs-by-Auditor-1.png 1020w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-PIEs-by-Auditor-1-300x166.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-PIEs-by-Auditor-1-768x425.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-PIEs-by-Auditor-1-500x276.png 500w\" style=\"box-sizing: border-box; margin: 0px; padding: 6px; border: none; vertical-align: top; background: transparent; font-weight: inherit; outline: 0px; max-width: 100%; height: auto; user-select: none;\" width=\"523\" \/><\/figure>\n<\/div>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">Below, we&rsquo;ll look at PIEs disclosed in auditor transparency reports across six countries from 2015-2019<span style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-size: 10px; font-style: inherit; height: 0px; line-height: 1; position: relative; bottom: 1ex;\"><a href=\"https:\/\/blog.auditanalytics.com\/wp-admin\/post.php?post=33323&amp;action=edit#fn1\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: bold; outline: 0px; vertical-align: baseline; text-decoration-line: none; color: rgb(67, 102, 113); transition: color 0.4s ease 0s, background-color 0.4s ease 0s; font-family: inherit; font-style: inherit;\">1<\/a><\/span>:<\/p>\n<ul style=\"box-sizing: border-box; margin: 0px 0px 1.625em 2.5em; padding-right: 0px; padding-left: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; list-style: square; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">\n<li style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">\n\t\tFrance<\/li>\n<li style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">\n\t\tGermany<\/li>\n<li style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">\n\t\tItaly<\/li>\n<li style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">\n\t\tNetherlands<\/li>\n<li style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">\n\t\tSpain<\/li>\n<li style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">\n\t\tUnited Kingdom<\/li>\n<\/ul>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">The chart below shows the number of audit firms publishing transparency reports in each of the six countries listed. While the majority of these countries saw a slight decrease in the number of audit firms publishing transparency reports from 2015 to 2019, a steeper decline can be seen in France. Although, it is important to note that 2019 is still considered a partial year.<\/p>\n<div class=\"wp-block-image\" style=\"box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"box-sizing: border-box; margin: 0px auto; padding: 0px; border: none; display: table; clear: both;\">\n\t\t<br style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: none;\" \/><br \/>\n\t\t<img decoding=\"async\" class=\" size-full wp-image-1212\" alt=\"\" class=\"wp-image-33364\" height=\"401\" loading=\"lazy\" sizes=\"(max-width: 564px) 100vw, 564px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/08\/https__blog.auditanalytics.com_wp-content_uploads_2020_08_TR1-2.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR1-2.png 1085w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR1-2-300x214.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR1-2-1024x730.png 1024w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR1-2-768x547.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR1-2-421x300.png 421w\" style=\"box-sizing: border-box; margin: 0px; padding: 6px; border: none; vertical-align: top; background: transparent; font-weight: inherit; outline: 0px; max-width: 100%; height: auto; user-select: none;\" width=\"564\" \/><\/figure>\n<\/div>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">The following charts illustrate market concentration among firms that audit PIEs in France, Germany, Italy, the Netherlands, Spain, and the United Kingdom. As shown, a limited number of firms are controlling the majority of the market.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">France<\/strong><\/p>\n<div class=\"wp-block-image\" style=\"box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"box-sizing: border-box; margin: 0px auto; padding: 0px; border: none; display: table; clear: both;\">\n\t\t<br style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: none;\" \/><br \/>\n\t\t<img decoding=\"async\" class=\" size-full wp-image-1213\" alt=\"\" class=\"wp-image-33329\" height=\"364\" loading=\"lazy\" sizes=\"(max-width: 595px) 100vw, 595px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/08\/https__blog.auditanalytics.com_wp-content_uploads_2020_08_TR-France.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-France.png 1155w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-France-300x184.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-France-1024x629.png 1024w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-France-768x471.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-France-489x300.png 489w\" style=\"box-sizing: border-box; margin: 0px; padding: 6px; border: none; vertical-align: top; background: transparent; font-weight: inherit; outline: 0px; max-width: 100%; height: auto; user-select: none;\" width=\"595\" \/><\/figure>\n<\/div>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">Interestingly, in France, the number of firms auditing the majority of the market decreased year after year, while the number of PIEs disclosed increased.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">Germany<\/strong><\/p>\n<div class=\"wp-block-image\" style=\"box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"box-sizing: border-box; margin: 0px auto; padding: 0px; border: none; display: table; clear: both;\">\n\t\t<br style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: none;\" \/><br \/>\n\t\t<img decoding=\"async\" class=\" size-full wp-image-1214\" alt=\"\" class=\"wp-image-33330\" height=\"400\" loading=\"lazy\" sizes=\"(max-width: 601px) 100vw, 601px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/08\/https__blog.auditanalytics.com_wp-content_uploads_2020_08_TR-Germany.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Germany.png 1154w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Germany-300x200.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Germany-1024x682.png 1024w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Germany-768x512.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Germany-450x300.png 450w\" style=\"box-sizing: border-box; margin: 0px; padding: 6px; border: none; vertical-align: top; background: transparent; font-weight: inherit; outline: 0px; max-width: 100%; height: auto; user-select: none;\" width=\"601\" \/><\/figure>\n<\/div>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">Meanwhile, in Germany, the number of firms auditing 90% of the market remained consistent, although the number of firms auditing the remainder increased &ndash; illustrating a slightly expanding market share with an increase in disclosed PIEs.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">Italy<\/strong><\/p>\n<div class=\"wp-block-image\" style=\"box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"box-sizing: border-box; margin: 0px auto; padding: 0px; border: none; display: table; clear: both;\">\n\t\t<br style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: none;\" \/><br \/>\n\t\t<img decoding=\"async\" class=\" size-full wp-image-1215\" alt=\"\" class=\"wp-image-33331\" height=\"345\" loading=\"lazy\" sizes=\"(max-width: 591px) 100vw, 591px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/08\/https__blog.auditanalytics.com_wp-content_uploads_2020_08_TR-Italy.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Italy.png 1158w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Italy-300x175.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Italy-1024x599.png 1024w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Italy-768x449.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Italy-500x292.png 500w\" style=\"box-sizing: border-box; margin: 0px; padding: 6px; border: none; vertical-align: top; background: transparent; font-weight: inherit; outline: 0px; max-width: 100%; height: auto; user-select: none;\" width=\"591\" \/><\/figure>\n<\/div>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">In Italy, both auditor market share and the number of PIEs disclosed seem to be decreasing.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">Netherlands<\/strong><\/p>\n<div class=\"wp-block-image\" style=\"box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"box-sizing: border-box; margin: 0px auto; padding: 0px; border: none; display: table; clear: both;\">\n\t\t<br style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: none;\" \/><br \/>\n\t\t<img decoding=\"async\" class=\" size-full wp-image-1216\" alt=\"\" class=\"wp-image-33332\" height=\"389\" loading=\"lazy\" sizes=\"(max-width: 590px) 100vw, 590px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/08\/https__blog.auditanalytics.com_wp-content_uploads_2020_08_TR-Netherlands.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Netherlands.png 1161w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Netherlands-300x198.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Netherlands-1024x676.png 1024w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Netherlands-768x507.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Netherlands-454x300.png 454w\" style=\"box-sizing: border-box; margin: 0px; padding: 6px; border: none; vertical-align: top; background: transparent; font-weight: inherit; outline: 0px; max-width: 100%; height: auto; user-select: none;\" width=\"590\" \/><\/figure>\n<\/div>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">With the fewest amount of auditors, the Netherlands has almost as many audit firms auditing 90% of the PIE market as it does the remaining 10%. It will be interesting to see what the market share looks like after three firms<a href=\"https:\/\/blog.auditanalytics.com\/shrinking-auditor-market-in-the-netherlands\/\" rel=\"noreferrer noopener\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: bold; outline: 0px; vertical-align: baseline; text-decoration-line: none; color: rgb(67, 102, 113); transition: color 0.4s ease 0s, background-color 0.4s ease 0s; font-family: inherit; font-style: inherit;\" target=\"_blank\">&nbsp;left the PIE market<\/a>&nbsp;within the last year.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">Spain<\/strong><\/p>\n<div class=\"wp-block-image\" style=\"box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"box-sizing: border-box; margin: 0px auto; padding: 0px; border: none; display: table; clear: both;\">\n\t\t<br style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: none;\" \/><br \/>\n\t\t<img decoding=\"async\" class=\" size-full wp-image-1217\" alt=\"\" class=\"wp-image-33417\" height=\"369\" loading=\"lazy\" sizes=\"(max-width: 604px) 100vw, 604px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/08\/https__blog.auditanalytics.com_wp-content_uploads_2020_08_TR-Spain-1.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Spain-1.png 962w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Spain-1-300x184.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Spain-1-768x470.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-Spain-1-490x300.png 490w\" style=\"box-sizing: border-box; margin: 0px; padding: 6px; border: none; vertical-align: top; background: transparent; font-weight: inherit; outline: 0px; max-width: 100%; height: auto; user-select: none;\" width=\"604\" \/><\/figure>\n<\/div>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">In Spain, the number of firms auditing 90% of the market has remained unchanged, with the exception of 2015. The number of PIEs in Spain decreased after 2015 due to a narrowing of the PIE definition.<span style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-size: 10px; font-style: inherit; height: 0px; line-height: 1; position: relative; bottom: 1ex;\"><a href=\"https:\/\/blog.auditanalytics.com\/market-concentration-of-pies-an-analysis-of-transparency-report-data-2\/#fn2\" id=\"ref2\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: bold; outline: 0px; vertical-align: baseline; text-decoration-line: none; color: rgb(67, 102, 113); transition: color 0.4s ease 0s, background-color 0.4s ease 0s; font-family: inherit; font-style: inherit;\">2<\/a><\/span>&nbsp;Though the number of PIEs decreased after 2015, the number of audit firms auditing the smaller PIE market has remained consistent, with a slight drop noted so far in 2019.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit;\">United Kingdom<\/strong><\/p>\n<div class=\"wp-block-image\" style=\"box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"box-sizing: border-box; margin: 0px auto; padding: 0px; border: none; display: table; clear: both;\">\n\t\t<br style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: none;\" \/><br \/>\n\t\t<img decoding=\"async\" class=\" size-full wp-image-1218\" alt=\"\" class=\"wp-image-33334\" height=\"364\" loading=\"lazy\" sizes=\"(max-width: 590px) 100vw, 590px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/08\/https__blog.auditanalytics.com_wp-content_uploads_2020_08_TR-UK.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-UK.png 1155w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-UK-300x185.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-UK-1024x633.png 1024w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-UK-768x475.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/08\/TR-UK-485x300.png 485w\" style=\"box-sizing: border-box; margin: 0px; padding: 6px; border: none; vertical-align: top; background: transparent; font-weight: inherit; outline: 0px; max-width: 100%; height: auto; user-select: none;\" width=\"590\" \/><\/figure>\n<\/div>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\">The United Kingdom also shows that, despite changes in regulations, the PIE market share has remained consistent from 2015-2019.<\/p>\n<hr class=\"wp-block-separator\" style=\"box-sizing: content-box; margin: 0px auto 1.625em; padding: 0px; border: 0px; height: 1px; background-color: rgb(204, 204, 204); max-width: 100px; color: rgb(55, 55, 55); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px;\" \/>\n<p class=\"has-text-align-center\" style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; text-align: center; color: rgb(55, 55, 55);\"><span class=\"has-inline-color\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit; color: rgb(0, 113, 161);\">For more information about Audit Analytics, please&nbsp;<\/span><a href=\"https:\/\/www.auditanalytics.com\/contact?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=2020.08.26_blog\" rel=\"noreferrer noopener\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: bold; outline: 0px; vertical-align: baseline; text-decoration-line: none; color: rgb(67, 102, 113); transition: color 0.4s ease 0s, background-color 0.4s ease 0s; font-family: inherit; font-style: inherit;\" target=\"_blank\"><span class=\"has-inline-color\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit; color: rgb(255, 145, 55);\">contact us<\/span><\/a><span class=\"has-inline-color\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit; color: rgb(0, 113, 161);\">.<\/span><\/p>\n<p class=\"has-text-align-center has-small-font-size\" style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 13px; text-align: center; color: rgb(55, 55, 55);\"><span class=\"has-inline-color\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit; color: rgb(255, 145, 55);\">Interested in our content? Be sure to&nbsp;<\/span><a href=\"https:\/\/www.auditanalytics.com\/contact?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=2020.08.26_blog#newsletter\" rel=\"noreferrer noopener\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: bold; outline: 0px; vertical-align: baseline; text-decoration-line: none; color: rgb(67, 102, 113); transition: color 0.4s ease 0s, background-color 0.4s ease 0s; font-family: inherit; font-style: inherit;\" target=\"_blank\"><span class=\"has-inline-color\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit; color: rgb(0, 113, 161);\">subscribe<\/span><\/a><span class=\"has-inline-color\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-style: inherit; color: rgb(255, 145, 55);\">&nbsp;to receive our email notifications.<\/span><\/p>\n<hr class=\"wp-block-separator\" style=\"box-sizing: content-box; margin: 0px auto 1.625em; padding: 0px; border: 0px; height: 1px; background-color: rgb(204, 204, 204); max-width: 100px; color: rgb(55, 55, 55); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px;\" \/>\n<p style=\"box-sizing: border-box; margin: 0px 0px 1.625em; padding: 0px; border: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; outline: 0px; vertical-align: baseline; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; color: rgb(55, 55, 55);\"><span id=\"fn1\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-size: 10px; font-style: inherit; height: 0px; line-height: 1; position: relative; bottom: 1ex;\">1.2019 is considered a partial year due to delays in publications..<a href=\"https:\/\/blog.auditanalytics.com\/market-concentration-of-pies-an-analysis-of-transparency-report-data-2\/#ref1\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: bold; outline: 0px; vertical-align: baseline; text-decoration-line: none; color: rgb(67, 102, 113); transition: color 0.4s ease 0s, background-color 0.4s ease 0s; font-family: inherit; font-style: inherit;\"><img decoding=\"async\" alt=\"\u21a9\" class=\"emoji\" draggable=\"false\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/13.0.0\/svg\/21a9.svg\" style=\"box-sizing: border-box; margin: 0px 0.07em !important; padding: 0px !important; border: none !important; vertical-align: -0.1em !important; background: none !important; font-weight: inherit; outline: 0px; max-width: 100%; height: 1em !important; user-select: none; display: inline !important; box-shadow: none !important; width: 1em !important;\" \/><\/a><\/span><br style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: none;\" \/><br \/>\n\t<span id=\"fn2\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: inherit; outline: 0px; vertical-align: baseline; font-family: inherit; font-size: 10px; font-style: inherit; height: 0px; line-height: 1; position: relative; bottom: 1ex;\">2.Following the implementation of the 2014 Audit Reform, regulators in&nbsp;<a href=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/08\/https__www.accountancyeurope.eu_wp-content_uploads_171130-Publication-Definition-of-Public-Interest-Entities-in-Europe-published-version.pdf\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: bold; outline: 0px; vertical-align: baseline; text-decoration-line: none; color: rgb(67, 102, 113); transition: color 0.4s ease 0s, background-color 0.4s ease 0s; font-family: inherit; font-style: inherit;\">Spain&nbsp;<\/a>narrowed the definition of a PIE creating a large decrease in the disclosed number from 2015-2016.<a href=\"https:\/\/blog.auditanalytics.com\/market-concentration-of-pies-an-analysis-of-transparency-report-data-2\/#ref2\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; background: transparent; font-weight: bold; outline: 0px; vertical-align: baseline; text-decoration-line: none; color: rgb(67, 102, 113); transition: color 0.4s ease 0s, background-color 0.4s ease 0s; font-family: inherit; font-style: inherit;\"><img decoding=\"async\" alt=\"\u21a9\" class=\"emoji\" draggable=\"false\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/13.0.0\/svg\/21a9.svg\" style=\"box-sizing: border-box; margin: 0px 0.07em !important; padding: 0px !important; border: none !important; vertical-align: -0.1em !important; background: none !important; font-weight: inherit; outline: 0px; max-width: 100%; height: 1em !important; user-select: none; display: inline !important; box-shadow: none !important; width: 1em !important;\" \/><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This analysis was originally posted by&nbsp;Audit Analytics. According to Article 13 of the Audit Regulation of 2014 (Regulation EU 537\/2014), a statutory auditor of a public interest entity (PIE) must publish an annual transparency report on the firm&rsquo;s website, at the latest four months after the end of each financial year. Among other disclosures, the [&hellip;]<\/p>\n","protected":false},"author":93,"featured_media":1221,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0},"categories":[],"tags":[2],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Concentration of PIEs \u2013 An Analysis of Transparency Report Data - ARC<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Concentration of PIEs \u2013 An Analysis of Transparency Report Data - ARC\" \/>\n<meta property=\"og:description\" content=\"This analysis was originally posted by&nbsp;Audit Analytics. According to Article 13 of the Audit Regulation of 2014 (Regulation EU 537\/2014), a statutory auditor of a public interest entity (PIE) must publish an annual transparency report on the firm&rsquo;s website, at the latest four months after the end of each financial year. 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According to Article 13 of the Audit Regulation of 2014 (Regulation EU 537\/2014), a statutory auditor of a public interest entity (PIE) must publish an annual transparency report on the firm&rsquo;s website, at the latest four months after the end of each financial year. 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