Top Accounting Firm Is Deloitte
Global accounting firm Deloitte has emerged as the top accounting firm based on the fee income report released by the International Accounting Bulletin’s (IAB) for the fiscal year 2010.
From being second only to PricewaterhouseCoopers in IAB’s performance survey conducted since 2009 with a revenue gap of about $9 million, the accounting firm superseded PwC after recording a fee income of $26.578 billion against $26.569billion.
Meanwhile, IAB’s report put PKF on top of the fastest growing networks while BDO has gained the top post in mid-tier firms after growing 5 percent. The reversal of fortune among accounting firms, both outside and inside the Big Four, comes amid the ongoing investigation by the Office of Fair Trading in UK into the lack of competition in the audit market before and after the economic crisis.
The report covers 44 global accounting firms whose reported fee income has risen in 2010. In addition to Deloitte’s rise, Ernst & Young’s revenue also climbed to $21.550 billion to perch in the third place while KPMG’s came next at $20.630 billion to occupy the fourth spot.
IAB’s report attributed the rise in revenue of accounting firms to the emerging markets such as Brazil, India, and China. Accordingly, the accounting firms have steadily survived the tough economic conditions in UK and US markets.
Noting on Deloitte’s position as the top accounting firm, IAB pointed to its robust performance in audit and consultancy, though the accounting firm has been lying low in corporate finance and Initial Public Offer.
IAB editor Arvind Hickman also said on February that “recruitment has remained stable and is expected to improve slightly from 2010.”
From 2009, the report noted that only four accounting firms have not increased in their revenue despite the new doors opened for the rest of the global accounting firms.
While Russia has been the toughest place for the audit industry, IAB reported the strongest growth in China at 20 percent, India at 14 percent, and Brazil at 11 percent where the accounting firms poured in heavy investments.