The results of a survey conducted by the business portal StockWatch among 600 households have revealed a significant deterioration in trust in the five largest audit firms operating in Cyprus.
The mean score awarded to Baker Tilly, Deloitte, EY, KPMG and PWC was 6.39 out of 10 in October 2024, representing an increase from 6.74 a year earlier. It should be noted that all respondents were required to answer two questions: 'How reliable is the company?' and 'Would you recommend it?'.
Consequently, KPMG attained the highest score to date in the history of this survey. The average score was 6.75 (6.8 points in the previous year), comprising 6.9 points for reliability and 6.6 points for recommendation. Deloitte follows with a final score of 6.7 points (7.25 points a year earlier), comprising a reliability score of 6.9 points and a recommendation score of 6.5 points. PwC is in third place with a score of 6.55 points (6.9 points last year), comprising a reliability score of 6.9 points and a recommendation score of 6.2 points.
Fourth place was awarded to EY, who received a score of 6.3 points (6.75 points last year), comprising 6.9 points for reliability and 6.1 points as a recommendation target. Finally, Baker Tilly received the lowest score of 5.65 points (6 points last year).
It should be noted that the survey was conducted via telephone interview between 2 and 11 October. The respondents were a demographically diverse group of men and women aged 18 and over, residing in urban and rural areas.