The Big Four are losing work to their smaller competitors as leaner times drive businesses to lower cost audit options.

Medium and small accounting firms are battling it out with the big boys PricewaterhouseCoopers, Ernst & Young, Deloitte and KPMG, and winning jobs that previously they wouldn’t even have tendered for.

Accountancy Age cites cost pressure and ‘growing ambivalence’ from the Big Four towards their smaller clients.

So the old adage "treat ‘em mean…" may not be working here.