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Kristina Mijić, Dejan Jakšić and Bojana Vuković

Abstract

This paper presents a research on market concentration of audit services in the Republic of Serbia during the 2008-2011 period. Market concentration was measured by Herfindahl-Hirschman index (HHI) and concentration ratio CR4, based on four independent variables: operating revenue, net earnings, number of employees and number of audit clients. The research of market concentration based on operating revenue as the most referential variable indicated that the market for audit services in the Republic of Serbia has a moderate concentration and that it has the characteristics of an oligopoly of four largest audit firms known as “Big Four”. However, research of market concentration, when other variables are taken in consideration, does not reveal dominance of “Big Four” in terms of net earnings, number of employees and number of clients. The differences in conclusions when different variables are concerned can be explained by relatively high audit fees of “Big Four” and a lack of correlation between operating revenue and net earnings.

Open access

Dejan Jakšić, Kristina Mijić and Ljiljana Bonić

Abstract

Cluster analysis of audit firms in Serbia was carried out in order to assess the similarities and differences between audit firms. This analysis shows that “Big four” audit firms are significantly different from other audit firms by market position and human potential, but not according to net income. In addition, it can be noted that there are significant differences in observed performance indicators between individual audit firms.