Overview
  • The SEC’s new rulemaking process to eliminate the requirement for companies to report on a quarterly basis could have significant implications for the revenue of the Big Four accounting firms: Deloitte, EY, KPMG and PwC.
  • When the idea was first proposed by Trump in 2018, the Big Four sent in comment letters to the SEC with their reservations about a rule change that could cost them an estimated 15% of audit fees, and the firms may choose their words even more carefully during a second Trump administration.
  • A greater focus on advisory services and the current IPO boom may offset audit fee declines, as would any more sustained momentum among companies to go public as a result of less costly and intensive reporting requirements.

Source: https://www.cnbc.com/2025/10/05/trump-sec-quarterly-earnings-reports-accounting-firms.html