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I wonder if you clarify what largest accountancy firms mean in the following sentence!does it mean the audit /
accountancy firms as like KPMG.The members of the IFAC are the professional accountancy bodies, whose authority has been eclipsed to some extent by the power of the largest accountancy firms.
Yes, that’s exactly what it means. It is saying that PwC, Deloittes, E&Y and KPMG have so much strength individually and collectively that IFAC and its member bodies like ICAEW and ACCA are powerless to do anything when any one of those four objects to any action by the profession of which the big 4 disapprove. The profession has allowed a monster (4 monsters to be precise) to be created
If you live by the sword, be prepared to die by the sword!
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