This is the era of the global corporation, whether in finance or industry. A company like Toyota or Citigroup may have its headquarters in one city, but it has operations all over the world and gets capital from a similarly broad base. When Citi ran into difficulties, it turned to Abu Dhabi.
And then there is accounting.
At first glance, it appears that there are a handful of global accounting firms - the Big Four and a couple of others - but that is not the reality.
Those firms are formally organized as a series of partnerships, each of which relies for capital on its own partners, rather than on outside sources of capital. And while each may market itself as one big firm with worldwide capabilities, a very different view is presented when someone sues over a failed audit.
Then the firms disclaim any responsibility for actions of a firm with a similar name in another country. It is as if Toyota in Japan insisted that it had nothing to do with Corollas made in California and sold in Canada.
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