TSMP Joint Managing Partner and Head of Transactions Stefanie Yuen Thio was quoted in a Business Times article examining why all 30 Straits Times Index (STI) constituents are audited exclusively by the Big Four accounting firms — PwC, KPMG, EY and Deloitte — with no mid-tier firms represented.

The article notes that STI constituents’ combined FY2025 audit fees totalled S$151.1 million, with KPMG holding the most mandates and PwC leading by fee value. In the piece, Stefanie offered her perspective on why large companies favour Big Four auditors, noting that the preference often comes down to the “safety” of an established brand. She pointed to their international networks, which ease consolidation of foreign subsidiaries, and the fact that a CFO is less likely to be questioned for choosing a well-known name.

Stefanie also spoke to the operational case for auditor continuity, drawing on her experience serving on audit committees responsible for appointing listed companies’ auditors, noting that switching auditors is disruptive and time-consuming for a business.