21/08/2003 08:11
The firms that audit the 158 CSE-listed companies in Cyprus have managed to increase their turnover by 15% in 2002 reaching CYP 4 million compared to CYP 3.4 million in 2001, the StockWatch Analysis Department showed on Wednesday. Which of these audit firms have received the biggest fees? How were the “Big 4” affected by Enron? Which CSE-listed companies pay the biggest fees?
Increased revenues
The economic slowdown of the past few years does not seem to have affected the audit firms, whose revenues for 2002 increased by 15%. PWC ranks first, partly due to the increase in its charges and partly due to the successful claim of the Laiki Group by Deloitte and Touche. PWC’s revenues increased 64% to CYP 1.51 million for 2002 against CYP 922 thousand in 2001.
Ernst and Young is second in place, increasing its revenues 22% to CYP 657 thousand compared to CYP 540 thousand in 2001, followed by Deloitte and Touche, which managed to absorb almost all companies belonging to Chrysanthou and Christoforou (Arthur Andersen), despite the withdrawal of Laiki Group. Its revenues increased 14% to CYP 367 thousand against CYP 322 thousand in 2001. KPMG increased its revenues by hardly 1% reaching CYP 913 thousand against CYP 901 thousand in 2001.
Reclassifications due to Enron
As regards to corporate reclassifications, Deloitte and Touche have won most companies, mostly due its merger with Chrysanthou and Christoforou. In 2002, the firm audited 16 companies compared to 8 in 2001. PWC ranks second, increasing its companies from 42 to 46, followed by KPMG and Ernst and Young, which remained at the same levels auditing 48 and 9 companies in 2001 and 2002 respectively.
Audits of half a million…
According to the annual reports of the 158 CSE-listed companies, the largest fee was paid by Libra Holidays Group (CYP 451,000), followed by the Bank of Cyprus (CYP 361,000), Laiki (CYP 219,000), Louis (CYP 208,000) and Sharelink (CYP 143,663).
PWC increased its fees to Libra by CYP 274,849 (from CYP 176,151 to CYP 451,000), Ernst and Young to the Bank of Cyprus by CYP 35,000 (from CYP 361,000 to CYP 396,000), Avacom Computers Services by CYP 28,703 to CYP 75,051 and Avacom Net by CYP 19,207. Andreas & Paraskevaides was charged with the additional amount of CYP 41,200 in 2002.
Portfolio dispersion
The Bank of Cyprus is the most important customer for Ernst and Young, holding 60% (CYP 396,000) of the total CYP 657,259 of its “listed” customer list. Sharelink Financial Services is the most important customer for Deloitte and Touche (39% of its “listed” customer list), Libra Holidays Group for PWC (30%) and Louis Cruise Lines for KPMG (23% of the “listed” customer list).
Increased revenues
The economic slowdown of the past few years does not seem to have affected the audit firms, whose revenues for 2002 increased by 15%. PWC ranks first, partly due to the increase in its charges and partly due to the successful claim of the Laiki Group by Deloitte and Touche. PWC’s revenues increased 64% to CYP 1.51 million for 2002 against CYP 922 thousand in 2001.
Ernst and Young is second in place, increasing its revenues 22% to CYP 657 thousand compared to CYP 540 thousand in 2001, followed by Deloitte and Touche, which managed to absorb almost all companies belonging to Chrysanthou and Christoforou (Arthur Andersen), despite the withdrawal of Laiki Group. Its revenues increased 14% to CYP 367 thousand against CYP 322 thousand in 2001. KPMG increased its revenues by hardly 1% reaching CYP 913 thousand against CYP 901 thousand in 2001.
Reclassifications due to Enron
As regards to corporate reclassifications, Deloitte and Touche have won most companies, mostly due its merger with Chrysanthou and Christoforou. In 2002, the firm audited 16 companies compared to 8 in 2001. PWC ranks second, increasing its companies from 42 to 46, followed by KPMG and Ernst and Young, which remained at the same levels auditing 48 and 9 companies in 2001 and 2002 respectively.
Audits of half a million…
According to the annual reports of the 158 CSE-listed companies, the largest fee was paid by Libra Holidays Group (CYP 451,000), followed by the Bank of Cyprus (CYP 361,000), Laiki (CYP 219,000), Louis (CYP 208,000) and Sharelink (CYP 143,663).
PWC increased its fees to Libra by CYP 274,849 (from CYP 176,151 to CYP 451,000), Ernst and Young to the Bank of Cyprus by CYP 35,000 (from CYP 361,000 to CYP 396,000), Avacom Computers Services by CYP 28,703 to CYP 75,051 and Avacom Net by CYP 19,207. Andreas & Paraskevaides was charged with the additional amount of CYP 41,200 in 2002.
Portfolio dispersion
The Bank of Cyprus is the most important customer for Ernst and Young, holding 60% (CYP 396,000) of the total CYP 657,259 of its “listed” customer list. Sharelink Financial Services is the most important customer for Deloitte and Touche (39% of its “listed” customer list), Libra Holidays Group for PWC (30%) and Louis Cruise Lines for KPMG (23% of the “listed” customer list).
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