The Big Four Accounting Firms You Must Know About

Do you know what accounting firms are and why are they considered as a backbone of business? Accounting firms offer a myriad of services that help business owners stay financially organized, tax compliant and that help prepare for business growth.

Like the many services an accounting firm provides, there are many companies doing that. However there are 4 big accounting firms that you have to know about. In this article we will learn all about the big four accounting firms. From their journey to the top to all the services that can help you in your business. So let’s get started.

The big four accounting firms:

• Deloitte
• Pwc
• Ernst & Young
• KPMG

#1 Deloitte

The first in the list of big four accounting firms is Deloitte.

History: Deloitte's Journey to The Top

In 1845, William Welch Deloitte opened an office in London, United Kingdom. Deloitte was the only person delegated a free examiner of a public organization, in particular the Great Western Railway. He proceeded to open an office in New York in 1880.

In 1890, Deloitte opened a branch office on Wall Street headed by Edward Adams and P.D. Griffiths as branch administrators. That was Deloitte's most memorable foreign endeavor.

Different branches were before long opened in Chicago and Buenos Aires. In 1898 P.D. Griffiths got back from New York and turned into an accomplice in the London office. In 1896, Charles Waldo Haskins and Elijah Watt Sells framed Haskins and Sells in New York.

It was subsequently depicted as "the main major examining firm to be laid out in the country by American instead of British accountants." In 1898, George Touche laid out an office in London and afterward, in 1900, joined John Ballantine Niven in laying out the firm of Touche Niven in the Johnston Building at 30 Broad Street in New York.

On 1 March 1933, Colonel Arthur Hazelton Carter, President of the New York State Society of Certified Public Accountants and overseeing accomplice of Haskins and Sells, affirmed before the U.S. Senate Committee on Banking and Currency.

Carter persuaded Congress that autonomous reviews ought to be obligatory for public companies. In 1947, Detroit bookkeeper George Bailey, the American Institute of Certified Public Accountants leader, sent off his own association.

The new substance appreciated such a positive beginning that the accomplices converged with Touche Niven and A. R. Shrewd to shape Touche, Niven, Bailey, and Smart in under a year.

Headed by Bailey, the association developed quickly, to a limited extent by making a committed administration counseling capacity. It likewise fashioned nearer connections with associations laid out by the prime supporter of Touche Niven, George Touche, the Canadian association Ross and the British association George A.

In 1972, Deloitte's firm converged with Haskins and Sells to frame Deloitte Haskins and Sells. In 1989, Deloitte Haskins and Sells converged with Touche Ross in the US to frame Deloitte and Touche.

The consolidated firm was driven mutually by J. Michael Cook and Edward A. Kangas. Driven by the UK organization, fewer Deloitte Haskins and Sells part firms dismissed the consolidation with Touche Ross. They presently converged with Coopers and Lybrand to frame Coopers and Lybrand Deloitte (later to converge with Price Waterhouse to become PwC).

Some part firms of Touche Ross likewise dismissed the consolidation with Deloitte Haskins and Sells and converged with other firms. In the UK, Touche Ross converged with Spicer and Oppenheim in 1990.

Then from 2000 onwards, the information revolution and globalization offered the organization larger and more diverse challenges. With the dismantling of the Berlin Wall, the emergence of trading regions such as the European Economic Community, the growing economic power of the Pacific Rim, and the growth in cross-border trade through agreements such as NAFTA, the organization's clients demanded increasingly integrated cross-border solutions.

Deloitte & Touche set out to provide the coordinated, global services and solutions their clients required. The organization needed more than technological sophistication and a knowledge of the international business to do so.

It needed, as managing partner James E. Copeland, Jr., pointed out in 1994, the intellectual equivalent of systems integration the ability to combine competencies from all functional disciplines across national borders to create solutions for clients.

To achieve their goals, they had to hire high-caliber recruits in every country to achieve their goals and then train them to excel. They had to maintain the highest ethical standards in the world.

They had to be, in the words of the firm’s powerful mission statement, the professional services firm that consistently exceeds the expectations of their clients and their people.

In 1995, a century after its founding, the partners of Deloitte & Touche voted to create Deloitte Consulting to serve their multinational clients better. While the specifics of the world of business have changed in the past 100 years, the overall commitments and goals of the organization remain the same as the day Haskins and Sells shook hands on their partnership and Touche sent Niven to open an office in New York.

As Haskins noted more than 100 years ago, their “study and interest is the soundness of the world of affairs.” their goal continues to be to “simplify work so that it can be done more rapidly and more effectively.”

Services Offered by Deloitte

Audit & Assurance: The key Assurance services for Government & Public Services clients (G&PS) include facilitating implementation and capacity building for implementation of standards like IPSAS, IND AS, and INTOSAI.

Financial Advisory: The Financial Advisory practice offers services primarily around transaction structuring; value for money analysis; transaction advisory and resource mobilization; forensics, investigations, and background checks;

Consulting: In Consulting, the services encompass a review of policy, regulations, and institutional mechanisms for governance and coordination; organization development and capacity building; strategy and business planning; business process redesign to improve customer service delivery leveraging artificial intelligence, analytics, etc.; design and implementation monitoring of large and complex organizational transformation initiatives;

Risk Advisory: Out of the Risk Advisory practice, Deloitte work with G&PS clients primarily in the areas of operational and financial risk management; internal controls assessment, and the entire suite of cybersecurity-related services;

Tax: Their Tax practice primarily offers regulatory and investment advisory services, including analyzing incentives and related policies.

Employees & Franchise

Deloitte has employed approximately more than 7 million people. Since there are so many branches of Deloitte in more than 150 countries and territories providing these services, the organization serves four out of five Fortune Global 500 companies.

Work Culture

88% of employees at Deloitte say it is a great place to work. As per the reports and company values, here is where their work culture stands.

Collaboration- Deloitte is in the 55th percentile across the Culture 500 sample and is 0.7 standard deviations below its industry average (management consulting).

Diversity- Deloitte is in the 80th percentile across the Culture 500 sample and is 0.3 standard deviations above its industry average.

Integrity- Deloitte is in the 59th percentile across the Culture 500 sample and is 0.4 standard deviations below its industry average.

Respect- Deloitte is in the 58th percentile across the Culture 500 sample and is 1.2 standard deviations below its industry average.

Top Clients

Deloitte’s largest clients are as follows:

Monsanto- Monsanto provides agricultural products for farmers across the globe. They are one of the largest agricultural companies in the world. They have a market capitalization of about $45 billion. Deloitte faced some scrutiny in the Monsanto whistleblower case.

Morgan Stanley- Morgan Stanley is a large investment bank and one of the world’s largest financial institutions. Their market capitalization is $47 billion.

Berkshire Hathaway- Berkshire Hathaway operates to provide property and casualty insurance. Berkshire Hathaway’s market capitalization is worth about $346 billion.

Microsoft- Microsoft is one of Deloitte and Touche’s largest clients. Microsoft is a computer software company and one of the largest Deloitte clients. Their market capitalization is about $390 billion. They are obviously one of the largest members of the Deloitte client list.

GM- GlaxoSmithKline is one of the world’s largest pharmaceutical companies. On December 13, 2016, GlaxoSmithKline announced that they would be changing auditors from PwC to Deloitte.

They are reportedly the sixth largest audit in the UK. This is a result of new regulations in the UK that require public companies to change auditors every so often.

Sotheby’s- Sotheby’s is a large auction house. It is one of the most well-known auctioneers in the world. Its market capitalization is about $1.6 billion.

UPS- UPS is one of the largest package delivery services in the world. They have a market capitalization of about $97 billion. They had about $58 billion in revenue as of their latest financial statement.

Starbucks- Starbucks is a popular retailer of coffee beverages and other food products. They are one of the most prestigious Deloitte clients; their market capitalization is $80 billion.

Boeing- Deloitte is the auditor of Boeing. Boeing is an airline manufacturer and a large government contractor. Their market capitalization is about $80 billion.

Best Buy- Best Buy is one of the largest consumer electronics stores in the world. It has a market capitalization of about $11 billion and revenues of $39 billion as of its latest financial statement.

Annual Turnover

As of the latest reports, in terms of revenue, Deloitte positions among the biggest of the Big Four accounting firms worldwide. Its situation as a worldwide pioneer has essentially helped areas of strength for many Americas locales, with around half of its general income being created in North and South America.

In 2020, Deloitte made 25.3 billion U.S. dollars from its Americas division, which positioned the most elevated Big Four bookkeeping firms for that specific locale. As the quantity of clients in the Americas develops, so does the number of workers: around 156,000 of the 345,000 Deloitte staff individuals overall were utilized in the Americas district in 2021.

Deloitte is a global bookkeeping firm - otherwise called a review firm or an expert administration organization. The Deloitte network comprises various autonomous firms worldwide that meet up under the Deloitte brand to give expert administrations to clients.

The association's beginnings can be followed back to England during the 1840s when William Welch Deloitte started making his name as an autonomous bookkeeper soon after the First Industrial Revolution.

Early pay came from examining the records of rail route organizations, yet quick forward to the 21st hundred years, and Deloitte produced income overall from administrations in various industry gatherings.

#2 PWC- PricewaterhouseCoopers

The second on the list is Pricewaterhousecoopers aka PwC.

History: PWC’s Journey to The Top

The firm was made in September 1998 when Coopers and Lybrand converged with Price Waterhouse. In 1854, William Cooper established a bookkeeping practice in London, England.

It became Cooper Brothers seven years later when his three siblings joined. In 1898, Robert H. Montgomery, William M. Lybrand, Adam A. Ross Jr., and his sibling T. Edward Ross shaped Lybrand, Ross Brothers, and Montgomery in the United States.

In 1957, Cooper Brothers, alongside Lybrand, Ross Bros, and Montgomery, and a Canadian firm (McDonald, Currie, and Co.), consented to take on Coopers and Lybrand in worldwide practice.

In 1973, the UK, US, and Canada, the three-part firms changed their names to Coopers and Lybrand. Then, at that point, in 1980, Coopers and Lybrand extended its mastery in indebtedness significantly by procuring Cork Gully, the main firm in that field in the UK.

In 1990, in specific nations, including the UK, Coopers and Lybrand converged with Deloitte, Haskins, and Sells to become Coopers and Lybrand Deloitte; in 1992, they returned to Coopers and Lybrand.

In 1849, Samuel Lowell Price, a bookkeeper, established a bookkeeping practice in London, England. In 1865, Price went into an organization with William Hopkins Holyland and Edwin Waterhouse.

Holyland subsequently left to work alone in bookkeeping, and the firm was referred to from 1874 as Price, Waterhouse, and Co. The first association arrangement, endorsed by Price, Holyland, and Waterhouse could be found in Southwark Towers.

Price Waterhouse had earned respect as a bookkeeping firm by the late nineteenth hundred years. Because of the developing exchange between the United Kingdom and the United States, Price Waterhouse opened an office in New York in 1890, and the American firm extended.

The first British firm opened an office in Liverpool in 1904 and afterward somewhere else in the United Kingdom and around the world, each time laying out a different association in every country: the overall act of Price Waterhouse was, consequently, an alliance of teaming up firms that had developed naturally as opposed to being the aftereffect of a global merger.

In a further work to exploit economies of scale, PW and Arthur Andersen talked about a consolidation in 1989 however, the discussions fizzled, for the most part in light of irreconcilable situations; for example, Andersen's solid business joins with IBM and PW's review of IBM, as well as the fundamentally various societies of the two firms.

It was said by those engaged with the bombed consolidation that toward the finish of the conversation, the accomplices at the table acknowledged they had various perspectives on business, and the potential consolidation was scrapped.

In 1998, Price Waterhouse converged with Coopers and Lybrand to frame PricewaterhouseCoopers, composed of a lowercase "w" and a camelcase "C". After the consolidation, the firm had an enormous expert counseling branch, as did other significant bookkeeping firms, producing a lot of its expenses.

The significant reason for development during the 1990s was the execution of complicated incorporated endeavor asset arranging (ERP) frameworks for worldwide organizations.

PwC went under expanding strain to keep away from irreconcilable situations by not giving some counseling administrations, especially monetary frameworks plan and execution, to its review clients.

Since it evaluated a huge extent of the world's biggest organizations, its counseling market was starting to restrict. These contentions expanded as extra administrations, including reevaluating IT and administrative center activities, were created.

Thus, in 2000, Ernst and Young were the first of the Big Four to sell its counseling administrations to Capgemini. The aftermath of the Enron, Worldcom, and other monetary evaluating embarrassments prompted the section of the Sarbanes-Oxley Act (2002), seriously restricting communication between the board counseling and reviewing (affirmation) administrations.

PwC Consulting started to direct business under its own name instead of the PricewaterhouseCoopers' MCS division. PwC, along these lines, intended to benefit from MCS's quick development through its deal with Hewlett Packard (for a revealed $17 billion) however, talks separated in 2000.

In 2000, PwC obtained Canada's biggest SAP counseling accomplice, Omnilogic Systems. In March 2002, Arthur Andersen, LLP members in Hong Kong and China, finished conversing with joining PricewaterhouseCoopers, China. PwC declared in May 2002 that its counseling exercises would be veered off as an autonomous element and recruited an external CEO to run the worldwide firm.

An external consultancy, Wolff Olins, was employed to make a brand picture for the new substance, called "Monday." The company's CEO, Greg Brenneman, portrayed the strange name as "a genuine word, brief, unmistakable, worldwide and an ideal choice for an organization that endeavors to convey results."

These plans were before long reexamined, notwithstanding. In October 2002, PwC offered the whole consultancy business to IBM for roughly $3.5 billion in real money and stock. PwC's consultancy business was retained in IBM Global Business Services, expanding the size and abilities of IBM's developing counseling practice.

PwC started modifying its counseling practice with acquisitions, for example, Paragon Consulting Group and the business administration business of BearingPoint in 2009. The firm proceeded with this interaction by getting Diamond Management and Technology Consultants in November 2010 and PRTM in August 2011.

In 2012, the firm obtained Logan Tod and Co, an advanced investigation and improvement consultancy, and Ant's Eye View, a web-based entertainment system improvement and counseling firm, to expand upon PwC's developing Management Consulting client effect and client commitment capabilities.

On 30 October 2013, the firm declared that it would procure Booz and Company, including the organization's name and its 300 accomplices after a December vote by Booz and Company accomplices approved the arrangement. On 3 April 2014, Booz and Company joined with PwC to shape Strategy&.

On 4 November 2013, the firm procured BGT Partners, a 17-year-old computerized consultancy. In October 2016, PwC and InvestCloud, LLC, the world's biggest Digital App Platform, declared that they went into a non-selective joint business relationship intended to speed up the reception and execution of the InvestCloud Digital App Platform.

PwC will be a favored execution and key accomplice of InvestCloud zeroed in on big business conveyance and creative advancement of new monetary application capabilities. In November 2016, PwC obtained innovation/counseling firm NSI DMCC, Salesforce's biggest execution accomplice in the Middle East.

In January 2017, PwC declared a five-year concurrence with GE to give oversaw charge administrations to GE on a worldwide premise, moving more than 600 of GE's in-house worldwide duty group to PwC. Likewise, PwC would secure GE's assessment advances, and offer oversaw types of assistance not exclusively to GE but other PwC clients.

In November 2017, PwC acknowledged bitcoin as an installment for warning administrations; the initial time the organization, or any of the Big Four bookkeeping firms, acknowledged virtual cash as payment.

Veritas Capital obtained PwC's US public area business in 2018, and marked the new organization as Guidehouse. In February 2020, PwC declared another coordinated effort with innovation firm ThoughtRiver to send off AI-driven LawTech items pointed toward normalizing PwC's administration of UK regulation clients.

The Academy of Motion Picture Arts and Sciences (AMPAS) has used the administrations of PwC to count the decisions in favor of the Academy Awards since 1935. Moreover, the organization supervises AMPAS races, readies its monetary records, and is answerable for the gathering's expense filings.

Services Offered by PWC

Consulting

The consulting team has a fine-grained understanding of how business works and a knowledge of how the right technology in the right place can create a competitive advantage.

Legal

The legal team provides excellent legal services, putting client needs and priorities first, continuously improving their legal services, and doing business ethically.

Internal Services

The internal teams have diverse skills and expertise to serve their internal clients best.

Audit & Assurance

The assurance team provides assurance on clients' businesses' financial performance and operations.

Advisory Deals

The advisory deals Team can be broadly described as providing deals and business advisory services organized around client issues.

Tax

The tax team helps high-profile clients understand complex rules and make informed decisions with significant impacts.

Employees & Franchise

As of October 2019, PricewaterhouseCoopers operates offices and firms in 157 countries and employs more than 295,000 people. Most PwC’s employees work in Europe, the Middle East, and Africa. Since 2010, the number of employees has seen a year-on-year increase.

Work Culture at PWC

PwC is made up of 55,000 people of different races, ethnicities, genders, backgrounds, religions, and beliefs. But together, they are one firm united by their purpose and values. They are known to have a culture of belonging, one where it moves around awareness to empathy and demonstrates inclusive leadership.

Regardless, they continue to strive for a better culture. As a purpose-led and values-driven organization, they use the talent and resources of PwC to be a voice for change. They are bold, intentional, and unwavering in their commitment to transparency and accountability.

The employees at PWC have access to a wide range of benefits that will allow them to make the choices that best fit their personal circumstances and lifestyle. They give their employees the power to build a personalized career tailor-made to support their development, well-being, a sense of purpose, and ambitions.

They call it My+, a $2.4 billion investment to take bold action and bring their vision to life over the next three years to empower their employees to reach their full potential at every stage of their life.

Their other benefits include health and well-being, the option to take time off to relax, options for financial well-being, student loan paydown benefit, caregiver support, family support, insurance, compensation and rewards, personal development, and other perks.

Top Clients

1. Bank of America (Bank Of America Audit Information)
2. American International Group (AIG Audit Details)
3. Chase
4. Goldman Sachs
5. Prudential Financial
6. IBM
7. United Technologies
8. Ford Motor Co
9. Johnson & Johnson
10. Caterpillar
11. Dell
12. Merck
13. Exxon
14. CIT Group
15. Interpublic Group
16. Chevron
17. Exelon
18. Johnson Controls
19. Freddie Mac
20. American Express
21. Allergan
22. Cisco Systems
23. Thomson Reuters
24. OneMain Holdings
25. Phillip Morris International
26. PNC Financial Services Group
27. Xerox
28. Walt Disney
29. Platform Specialty Products Corporation
30. Thermo Fisher Scientific
31. Alere Inc.
32. Mondelez International
33. XL Capital
34. 3M Co.
35. Acronic Inc.
36. Laureate Education, Inc.
37. El Dupont de Nemours
38. L3 Technologies
39. Schlumberger
40. Hertz Global
41. Raytheon
42. Assurant Inc.
43. Ingersoll-Rand
44. Ecolab
45. Ball Corporation
46. Cigna Corporation
47. Viacom
48. CBS Inc.
49. Goodyear Tire
50. Endo International

A little in-depth about the clients:

Oscars- One of PwC’s most prestigious clients is the Academy Awards. They have been counting ballots at the Academy Awards for 83 years.

AIG- AIG is a large multinational insurance company. AIG has a market capitalization of $61 billion. It has arguably one of the highest audit fees in the industry due to its complexity.

As you can see in the audit fee table below that AIG was barely able to reduce its audit fee below $100 million for the 2015 audit. This is one of the most lucrative audits for PwC.

Prudential Financial- Prudential Financial is one of the largest insurance companies in the world. PwC has been ratified as the independent auditor according to the latest proxy statement. With fees of $56 million, you can see that Prudential financial is one of PwC’s largest clients.

IBM- IBM provides information technology products and services throughout the globe. They have a market capitalization of $141 billion. PwC makes a pretty penny off of IBM.

IBM is a little different than other clients in that their audit-related fees are very high. IBM attributes this to the cost of assessing controls related to outsourcing services.

Bank of America- Bank of America is one of the largest banks in the world. They have a market capitalization of $144 billion. Bank of America paid PwC $75,700,000 in audit fees in 2016.

JP Morgan Chase- Chase is one of the largest banks in the world. They have a market capitalization of $898 billion. JP Morgan Chase paid PwC $64,000,000 in audit fees in 2016. PwC also provided audit-related services worth $25 million to Chase in 2016.

Goldman Sachs- Goldman Sachs is an elite investment bank. Their market cap is almost $90 billion. Goldman Sachs paid PwC $53,200,000 in audit fees in 2016. PwC also provided audit-related services worth $8.9 million to Goldman Sachs in 2016.

Disney- Disney is one of the largest entertainment companies in the world. They have a market capitalization of $172 billion.

American Express- American Express provides charges, credit card payment products, and travel-related services to its worldwide base of customers. American Express has a market capitalization of $61 billion.

Toyota Motor- Toyota Motor is one of the largest car manufacturers in the world. They earned $226 billion dollars of revenue for the year ending March 31, 2016.

The highest audit fees for PwC as of the most recent year for their clients are as follows:

• JP Morgan Chase – $92.3 million
• Bank of America – $66.7 million
• American International Group -$90.5 million
• International Business Machines – $86.4 million
• Goldman Sachs Group – $64.6 million
• United Technologies – $64.2 million

Annual Turnover

For the 12 months ending 30 June 2021, PwC firms around the world had gross revenues of US$45 billion (FY20 $43 billion) – up 2.0% in local currency and 4.9% in US dollars. This was a solid result given the challenges faced by the global economy during the year.

As a result of the pandemic and the largely remote nature of the work undertaken during FY21, disbursements and expenses recharged to clients were down 34.0% on the prior year.

For the first nine months of FY21 revenues were flat. But as they neared the end of the year demand picked up, with revenues in the April to June period up by 18.1% compared to the same period in FY20.

While some of this growth is due to a very difficult April-June in FY20, it also reflects an increase in clients’ need for services in areas such as deals and restructuring.

As economies around the world began to open up, they worked across the PwC network to bring together teams of diverse experts enabled by the right technologies to provide clients with innovative and imaginative solutions, and designed new products and services to meet and anticipate their changing needs.

Across their network, PwC is focused on delivering high quality services and products to their clients to help them build trust and deliver sustained outcomes, as they deal with the challenges and opportunities of a rapidly changing world.

The regional growth numbers for the full year FY21 reflect the continuing effects of the COVID-19 pandemic and the consequent economic slowdowns. However, as the year progressed, growth returned across all major regions and countries.

• Europe, Middle East and Africa (EMEA) revenues were up by 2.0%. In the UK, revenues rose by 2.0%, in the Middle East, they increased by 4.8%, and in Turkey revenues grew very strongly up by 30.0%. Across Africa their business was particularly impacted by the pandemic with revenues falling by 3.6% compared to the prior year.
• Asia Pacific revenues grew by 6.2% with a strong performance from South Korea, which posted a year-on-year revenue increase of 12.3%. After a challenging FY20 during which it saw revenues shrink by 1.2%, PwC Australia returned to growth in FY21 with revenues up by 2.4%.
• Americas revenues were flat, reflecting the significant downturn in disbursements and expenses recharged to clients, which particularly impacted PwC US where revenues were static year on year, and some challenging economic conditions, especially across Central and South America. Revenues were more buoyant at PwC Canada where they rose by 5.1%.

#3 EY- Ernst & Young

Third on amongst the big four accounting firms is Ernst & Young aka EY.

History: EY’s Journey to The Top

EY came about because of a few consolidations of precursor firms over the past 100 years and a portion, the most seasoned of which was established in 1849, in England, as Harding and Pullein.

That very year, this firm was joined by a bookkeeper named Frederick Whinney, who, after ten years, turned into an accomplice. After his child joined the firm, it was subsequently renamed Whinney, Smith, and Whinney in 1894.

In 1903, the firm Ernst and Ernst was established in Cleveland, Ohio, by Alwin C. Ernst and his sibling, Theodore Ernst. In 1906, Arthur Young and Co. were set up by a Scotsman bookkeeper, Arthur Young, in Chicago.

In 1924, these two American firms became aligned with noticeable British firms; Young with Broads Paterson and Co.; and Ernst with the previously mentioned Whinney Smith and Whinney.

The last option of these two consolidations produced Anglo-American organization Ernst and Whinney in 1979, then, at that point, the fourth biggest bookkeeping firm in the world.

After ten years, in 1989, Ernst and Whinney converged with the fifth biggest firm worldwide, Arthur Young and Co., to make Ernst and Young. In October 1997, Ernst and Young reported plans to combine its worldwide practices with proficient administrations network KPMG to make the biggest expert administrations association on the planet.

The declaration came closely following a reported consolidation between Price Waterhouse and Coopers and Lybrand just a month sooner. These plans were before long-deserted in February 1998, because of a few variables going from client resistance, antitrust issues, cost issues, and the expected trouble of combining the two different firms and cultures.

The consolidation between Price Waterhouse and Coopers and Lybrand, in any case, went on as expected, making PricewaterhouseCoopers. Ernst and Young extended its counseling practice vigorously during the 1980s and 1990s.

During this time, the U.S. Protections and Exchange Commission, and different individuals from the local speculation area, started to raise worries about a possible irreconcilable situation.

This contention would be achieved by firms offering both counseling and evaluating administrations all the while covering clients, a typical practice among the "Huge Five."

In May 2000, Ernst and Young were the first of those organizations to completely different its counseling rehearses through a deal to Capgemini's French IT administration for $11 billion, making a new organization Capgemini Ernst and Young which was subsequently renamed back to Capgemini.

In 2002, Ernst & Young serviced a large chunk of the clients previously working with Arthur Andersen after their downfall in connection with the Enron scandal. However, it did not engage with any new Arthur Andersen clients from the United Kingdom China, or the Netherlands.

Four years later, Ernst & Young became the only member of the Big Four to have two member firms in the United States, including Mitchell & Titus, LLP in 2006, the largest minority-owned accounting firm in the United States. Mitchell & Titus ended its membership in the EY network effective October 30, 2015.

In April 2009, Reuters reported that Ernst & Young, spurred by the global economic downturn, had launched a cost-saving initiative encouraging its staff in China to take 40 days of low-pay leave between the summer of 2009 and 2010.

Those who participated got a prorated salary equal to 20% of a regular salary, plus the benefits of a full-time employee. The initiative applied to employees in Hong Kong, Macau, and mainland China, where the firm's employees numbered 8,500 in total.

In 2010, Ernst & Young acquired Terco, the Brazilian member firm of Grant Thornton. In 2013, the firm officially changed its brand from Ernst & Young to EY and christened the accompanying tagline: "Building a better working world."

Also, in 2013, the Pope of the Roman Catholic church hired EY to help review Vatican City State's finances and help "verify and consult" the institution's administration, including the museums, post office, and tax-free department store.

EY expanded further and acquired all of KPMG Denmark's operations, including its 150 partners, 1500 employees, and 21 offices. In 2014, EY acquired global strategy consulting firm The Parthenon Group, gaining 350 consultants in its then-Transaction Advisory Services practice so that it could provide in-house strategy consulting services to its clients.

The business unit has since been rebranded as EY-Parthenon and is one of the most selective strategy consultancies worldwide. In 2015, EY opened its first global Security Operations Centre in Thiruvananthapuram, Kerala, in India, and coincidentally invested $20 million over five years to combat the increasing threat of cybercrimes.

In 2017 EY announced it was opening an executive support center in Tucson, AZ, USA, creating 125 new jobs. That same year, the company opened a Digital Security Operations Center in Muscat, Oman, to cover the EMEIA region as part of a $10 million investment.

In 2018, EY opened a $4.4 million professional services center in Louisville, KY, USA, creating 125 new jobs. It announced it would open an IT/tech hub in Nashville, TN, USA, creating 600 regional jobs.

Services Offered by EY

Strategy Consulting

Since the leading companies are taking big, transformative steps, redefining their purpose, embarking on end-to-end digital transformations, and learning how to achieve disruptive innovation, EY provides a breadth of perspectives and experience to provide strategic advice to help achieve optimal and sustainable results.

They create a custom approach tailored to each client’s unique situation and bring extensive business and sector experience with tested analytical techniques.

General Consulting

Consulting at EY is building a better working world by realizing business transformation through the power of people, technology, and innovation.

EY People Advisory Services

EY People Advisory Services professionals can help you effectively harness their people agenda as part of an integrated business strategy. This can translate into a competitive advantage by helping you get the right people, with the right capabilities, in the right place, for the right cost, and doing the right things.

Transactions

EY can help you manage the crisis and stabilize your business in the short term. They also help you navigate the downturn and position yourselves for recovery or look beyond to enable your transformation through corporate strategy and transactions, M&A, and divestments.

Assurance

EY Assurance services – comprising Audit, Financial Accounting Advisory Services (FAAS), and Forensic & Integrity Services address risk and complexity while identifying opportunities to enhance trust in the capital markets.

Audit teams serve the public interest by delivering high-quality, analytics-driven audits with independence, integrity, objectivity, and professional skepticism. EY Assurance services help protect and promote sustainable, long-term value for stakeholders.

Tax

EY has competencies in business tax, international tax, transaction tax, and tax-related issues associated with people, compliance, reporting, and law. They invite you to leverage their experience, knowledge,, and business insights to help you succeed.

Legal

The lawyers at EY are known to understand the complex tax, regulatory and commercial laws of today’s economy. Their multidisciplinary, one-stop-shop approach, they help reduce the gap between business advisors and legal counsel, increasing efficiency and speed to market while reducing costs.

Serving you across borders, the sector-focused, multidisciplinary approach means they offer integrated and detailed advice you can trust. Throughout the service, they take time to understand clearly what matters to you.

With centrally managed cross-border teams and single responsible country contacts, the controlled, efficient services can assist your business around the world.

Tech Assistance

EY’s breadth of technology capabilities, industry and regulatory knowledge, fiscal discipline, and global geographic reach positions them to help you transform at speed and achieve your strategic ambitions while respecting your risk tolerance.

Employees

EY operates as a network of member firms that are structured as separate legal entities in a partnership and has 312,250 employees in over 700 offices in more than 150 countries around the world.

Work Culture at EY

EY is known to provide the tools, learning, flexibility, and diverse and inclusive culture so that the employees can become the best version of themselves and help others do the same.

At EY, employees are empowered to lead, be innovative, and be encouraged to take ownership to create a lasting impact. They are inspired to come up with new ideas, challenged to see things differently, and be prepared for the unknown future.

As per a survey, EY is the ideal destination for those seeking intellectually stimulating experiences. Employees get opportunities to work on challenging assignments and learn from the best minds in the industry.

They work with the largest global organizations, entrepreneur-driven companies, and governments to enhance their success and provide solutions that make the world better.

A career at EY is about being prepared to aid businesses to become fit for the digital world through technology-enabled innovation and alliances. Employees help clients look at digital from every angle, experience the future of work, and transform their businesses with the power of digital.

EY encourages its people to pursue passions beyond work actively. From artists to marathon runners and cosplayers, the employees are encouraged to avail themselves flexibility with the responsibility to follow their passions.

With their diverse and distinct perspectives, they create their own sunshine and excelling in their personal lives. At EY, you’ll have the chance to use your skills, knowledge, and experience to address some of the biggest social challenges of their time.

Top Clients

1. Hewlett Packard
2. Verizon
3. State Street
4. AT&T
5. Coca Cola
6. General Motors
7. Hilton
8. Lockheed Martin
9. 21st Century Fox
10. The Carlyle Group
11. Danaher Corp
12. Intel Corp
13. Eaton Corp
14. US Bancorp
15. Walmart
16. Time Warner
17. Coca Cola European Partners
18. Archer Daniels Midland Company
19. Alphabet Inc.
20. Delphi Automotive
21. Eli Lilly
22. Perrigo
23. Aon Corporation
24. Stanley Black & Decker
25. Abbot Labs
26. St. Jude Medical
27. WestRock Company
28. Voya
29. Harris
30. News Corp
31. Amazon
32. Avangrid
33. Apple
34. AES Corporation
35. The Hain Celestial Grop
36. Jabil Circuit Inc
37. Ashland Global Holdings
38. Phillips 66
39. Facebook
40. Cardinal Health
41. Anthem
42. AECOM Technology Corp
43. McDonald’s
44. HCA, Inc.
45. AbbVie
46. CVS
47. ConocoPhillips
48. National Oilwell Varco
49. Texas Instruments
50. Sealed Air Corporation

A little in-depth about EY’s clients

Walmart- Walmart is the largest grocery chain in the world. Walmart earned $482 million in revenues in 2015. Walmart chose to ratify EY as their auditor again as part of their 2016 proxy statement. Walmart said that it would benefit from EY’s long tenure as its auditor. EY has been Walmart’s auditor for 45 years.

Walmart also stated that they believe Ernst & Young has an efficient fee structure and that they believe onboarding a new accountant would be too expensive for shareholders.

Lockheed Martin- Lockheed Martin is one of the world’s largest defense contractors. They earned about $45 billion of revenue in the past year. The shareholders ratified the appointment of Ernst & Young as the auditor of Lockheed Martin for 2016.

There was a slight increase in fees that Lockheed attributes to acquiring the Sikorsky Aircraft Corporation and reviewing Lockheed’s government information technology and technical services business.

Amazon- Amazon is a large online retail seller. They are one of the largest and fastest growing companies on the planet. E&Y has been Amazon’s auditor since their IPO in 1997.

As you can see the fees that EY receives from Amazon are relatively low compared to other companies above. Amazon only paid EY a little over $12 million for their recent audit and consulting services. That is astonishingly low.

Facebook- Facebook is the world’s largest social network. They earned about $17 billion in revenue. Their market capitalization is $360 billion. Ernst & Young has been Facebook’s auditor since they went public in 2007. As you can see, the fee is relatively low similar to what Amazon pays. Fees aren’t necessarily based on the size of the company.

Annual Turnover

The combined worldwide revenue of EY continues to increase year-on-year, assisted by significant growth in the Americas region – revenue for the region has almost doubled since 2010.

Revenue streams also continue to rise across all four of the firm’s service lines: assurance, advisory, tax, and transaction advisory services. Interest in the firm’s advisory service line remains high as it helps clients to identify and manage issues in growth areas such as analytics and cybersecurity.

The strategy & transaction segment reported the biggest year-on-year growth between 2020 and 2021, increasing by 14.6 percent. In 2021, EY generated the majority of its revenue in the Americas, grossing 17.7 billion U.S. dollars.

Prior to 2015, Ernst & Young consistently generated its highest revenues in the EMEIA (Europe, Middle East, India and Africa) business region, accumulating over 200 million U.S. dollars more than in the Americas in 2014.

#4 KPMG- Klynveld Peat Marwick Goerdeler (KPMG)

Last but not the least, rather fourth amongst the big four accounting firms- KPMG.

History: KPMG’s Journey to the Top

In 1818, John Moxham opened an organization in Bristol. James Grace and James Grace Jr. purchased John Moxham and Co. what's more, renamed it James Grace and Son in 1857.

In 1861, Henry Grace joined James Jr. furthermore, the organization was renamed James and Henry Grace; the firm developed to become Grace, Ryland and Co. William Barclay Peat joined Robert Fletcher and Co. in London in 1870 at 17 years old and became top of the firm in 1891, renamed William Barclay Peat and Co. by then.

In 1877, Thomson McLintock established Thomson McLintock and Co in Glasgow. In 1897, Marwick Mitchell and Co. was established by James Marwick and Roger Mitchell in New York City. In 1899, Ferdinand William LaFrentz established the American Audit Co., in New York. In 1923, The American Audit Company was renamed FW LaFrentz and Co.

In around 1913, Frank Wilber Main established Main and Co. in Pittsburgh. In March 1917, Piet Klijnveld and Jaap Kraayenhof opened a bookkeeping firm called Klynveld Kraayenhof and Co. in Amsterdam.

In 1925, William Barclay Peat and Co. also, Marwick Mitchell and Co., converged to shape Peat Marwick Mitchell and Co. In 1963, Main LaFrentz and Co was framed by the consolidation of Main and Co and FW LaFrentz and Co.

In 1969 Thomson McLintock and Main LaFrentz blended framing McLintock Main LaFrentz International and McLintock Main LaFrentz International consumed the general act of Grace, Ryland and Co.

In 1979, Klynveld Kraayenhof and Co. (Netherlands), McLintock Main LaFrentz (United Kingdom/United States) and Deutsche Treuhandgesellschaft (Germany) shaped KMG (Klynveld Main Goerdeler) as a gathering of free public practices to make areas of strength for a based worldwide firm.

Deutsche Treuhandgesellschaft CEO Reinhard Goerdeler (child of driving enemy of Nazi extremist Carl Goerdeler, who might have become Chancellor assuming Operation Valkyrie had succeeded) turned into the principal CEO of KMG. In the United States, Main Lafrentz and Co. converged with Hurdman and Cranstoun to frame Main Hurdman and Cranstoun.

In 1987, KMG and Peat Marwick worked together in the first super consolidation of huge bookkeeping firms and shaped a firm called KPMG in the United States, and the majority of the remainder of the world, and Peat Marwick McLintock in the United Kingdom.

In the Netherlands, as an outcome of the consolidation among PMI and KMG in 1988, PMI charge counsels joined Meijburg and Co. The expense warning organization Meijburg and Co. was established by Willem Meijburg, Inspector of National Taxes, in 1939.

Today, the Netherlands is the main country with two individuals from KPMG International: KPMG Audit (bookkeepers) and Meijburg and Co (charge consultants).

In 1991, the firm was renamed KPMG Peat Marwick, and in 1999, the name was diminished again to KPMG. In October 1997, KPMG and Ernst and Young declared that they were to merge.

However, while the consolidation to shape PricewaterhouseCoopers was allowed administrative endorsement, the KPMG/Ernst and Young tie-up was subsequently deserted.

In 2001, KPMG spun off its United States consulting firm through an initial public offering of KPMG Consulting, which was rebranded BearingPoint. In early 2009, BearingPoint filed for Chapter 11 bankruptcy protection. The UK and Dutch consulting arms were sold to Atos in 2002.

In 2003, KPMG divested itself of its legal arm, Klegal and KPMG sold its Dispute Advisory Services to FTI Consulting. KPMG's member firms in the United Kingdom, Germany, Switzerland and Liechtenstein merged to form KPMG Europe LLP in October 2007.

These member firms were followed by Spain, Belgium, the Netherlands, Luxembourg, CIS (Azerbaijan, Russia, Ukraine, Belarus, Kyrgyzstan, Kazakhstan, Armenia and Georgia), Turkey, Norway, and Saudi Arabia. They appointed joint Chairmen, John Griffith-Jones and Ralf Nonnenmacher.

In 2020, KPMG International Limited was incorporated in London, England. In February 2021, KPMG UK appointed its first female leaders, replacing Bill Michael, who stepped aside after making controversial comments.

Bina Mehta was asked to step in as acting UK chairman and Mary O'Connor took over Michael's executive responsibilities as acting senior partner in UK. In April 2021, O'Connor quit the firm after being passed over for the permanent role.

In November 2021, KPMG UK was reported as having revised its partnership process to introduce five levels of partnership which required partners to inject capital at levels starting at £150,000 and going up to £500,000.

This along with the £115 million proceeds from the sale of its pensions business earlier in 2021, which it seems was not distributed to the partners, was intended to prepare the balance sheet for a potential large fine (up to £1 billion) arising out of the Carillion lawsuit.

In February 2022, KPMG Canada announced they had added Bitcoin and Ethereum crypto assets to their corporate treasury. In April 2022, it was announced that KPMG will acquire 50% of the UK-based venture capital advisory specialist Acceleris subject to approval from the Financial Conduct Authority.

Services Offered by KPMG

Audit & Assurance

KPMG act in the public interest and the capital markets. KPMG professionals inspire trust in data and financial information and their focus on innovation delivers efficiency and value to their clients.

They are committed to providing exceptional audits by introducing transformational technologies that have the ability to reshape the audit process and exceed expectations.

By leveraging the power of evolving technologies to deliver quality audits and fresh insights, KPMG is a leader in driving the future of audit.

Tax

As a tax leader operating in this new reality, you are expected to be not only a technical specialist, but also a brand ambassador and trusted advisor to your business and board as you work to protect the organization, boost performance, drive digital transformation and contribute to the sustainability goals of the organization.

Their award-winning global network of tax professionals is here to help. KPMG works with many Fortune 500 organizations, multinational enterprises, as well as Family Offices, and entrepreneurs.

They are united by the values, governed by the Global Tax Principles, and driven by their purpose to inspire confidence and empower change by delivering the modern tax services and data-driven solutions needed today.

Their professionals work with you to define and build an ideal target operating model, improve compliance processes, engage in discussions around responsible tax, manage complex transactions, and add more value to the business and beyond.

Advisory

Advisory works with the world’s leading organizations to create and protect the sustainable value of their business. KPMG is known to be with you, shoulder-to-shoulder, all the way to strong performance, lasting value and responsible growth. They help make your business fit for tomorrow.

Private Enterprise

KPMG Private Enterprise advisers in member firms around the world are dedicated to working with you and your business. They help you manage your growth journey, reach new heights, embrace technology, plan for an exit, or manage the transition of wealth or your business to the next generation. Working with KPMG Private Enterprise, you’ll gain access to a trusted advisor.

Employees

KPMG provides audit, tax and advisory services to many of the world's leading organizations. KPMG’s U.S. staff, including partners, 35,000Worldwide staff, including partners, 219,000. The U.S. offices: 100+ in all 50 states abd Worldwide offices 650+ in 147 countries.

Work Culture

Personal development

Once you become an assistant they will make your professional start easier with a five-week training course. Their KPMG Business School, a sophisticated educational and development system, will support the timely development of your career.

This system consists of hundreds of local as well as international seminars, training courses and other educational activities, taking advantage of the most modern educational technology including social networks. At KPMG, you can also work towards various distinguished professional certifications (e.g. auditor, tax advisor, ACCA, CISA, MBA, CFA).

Internships abroad

As they are part of an international network of firms, their employees have the chance to go on internships to Australia, the US, the Netherlands, New Zealand and elsewhere.

Talented colleagues can broaden their professional experience in other offices of the KPMG global network of advisory firms. Offered internships vary in length and scope and participants can go on short-term or three-month stays or even remain abroad for several years.

Social responsibility

They care about what goes on around us. Social responsibility is part of their firm’s culture, their values and their business strategy. They act ethically and transparently, minimize the environmental effects of their business activities and use their expert skills to support the communities in which they function.

Work-life balance

Their working hours are flexible, and if a project’s nature allows, they can also work from home. Every year, they can spend 25 days on vacation, including three days of firm-wide leave, traditionally between Christmas and New Year’s.

It is possible to extend one’s holidays by taking compensatory leave for worked overtime. When preparing for professional exams and certifications, they can ask for study leave.

KPMG organises cultural events and supports the sports activities of its employees. For their bigger departments, they organise group meetings combined with team building activities and entertainment, twice a year.

In the fall, their employees get the chance to take their partners to the theatre; their employee’s children enjoy their annual St. Nicholas Party. Close to the end of the year, all of us get together for their yearly Christmas Party. They stay in touch with former employees and annually invite them to a KPMG Alumni Party. A lot of alumni have become their loyal clients.

Friendly work environment

A supportive and friendly work environment means a lot to us. They all are on a first-name basis, regardless of age or position. Their doors are always open, be they to a Partner’s office or to that of a Manager or Secretary.

In senior positions, they aim to share their experience, to advise others in their tasks and lead them towards their further development. They respect individuality as well as differing opinions – what’s important is their common success.

They know that their work is often very demanding, giving us all the more reason to value a pleasant work environment and a friendly and supportive team spirit. They know that it is team work and courtesy which help their employees to grow and attain the best results.

Remuneration and Benefits

Their employees’ remunerations are above-standard and reflect their standing on the market and the importance of their staff. Their employees also receive financial bonuses in the form of variable salary components, extraordinary bonuses and overtime pay.

The overall salary level depends on an employee’s position and the results of the firm and the individual. Their cafeteria-style benefit system offers a wide range of benefits annually worth several tens of thousands of crowns.

Benefits offered include meal vouchers and the services of more than 4 000 service providers, including insurance, travel, culture, sports, wellness, health care and education.

Top Clients

1. Liberty Global
2. Omnicom Group
3. The Bank of New York
4. General Dynamics
5. Charter Communications
6. CenturyTel
7. Navistar International Corp
8. Ca Technologies
9. Yum Brands
10. The Travelers Companies
11. Occidental Petroleum Corportation
12. Estee Lauder Companies, Inc.
13. Visa
14. Unisys Corporations
15. Weyerhauser
16. Western Digital Corp
17. Bio-Rad Labs
18. Valero Energy
19. Diebold Inc
20. XPO Logistics
21. Jones Lang Lasalle
22. Versum Materials

A little in depth about KPMG’s top clients

Accenture

KPMG is the auditor of Accenture. Accenture has a market capitalization of $123 billion. KPMG won the audit in 2002.  Accenture is the former consulting arm of Arthur Andersen. They broke off after the Enron Scandal. If you can’t get into the big 4, Accenture would be a good alternative as they are a large consulting firm.

Halliburton

Halliburton is one of the largest oil services firm. Halliburton has a market capitalization of $34 billion. Per the 2016 Proxy Statement it looks KPMG will continue to be Halliburton’s auditors.

Citigroup

Citigroup is one of the largest banks in the world. KPMG was again ratified as Citigroup’s auditors as of the 2019 Proxy statement.

General Electric

General Electric has a market capitalization of about $95.5 billion. They operate as an infrastructure and financial services firm. They are reducing the financial services portion of their business because of increased regulation.

GE has had a tough couple of years because of an insurance accounting scandal. Some people think that GE’s longterm care arm will bring the company down.

KPMG will be ratified as their auditors again as of the 2019 proxy statement. This didn’t come without much scrutiny though. There was a shareholder revolt that saw KPMG only approved by 65% of shareholders which is an unprecedented move.

This comes after a record year of fees from GE for KPMG. KPMG was able to earn their highest fee ever from General Electric. They earned 142.9 million from GE in the 2017 fiscal year.

This is primarily due to the acquisition of Baker Hughes. You can see this rise in fee in the audit related fees revenue of $45 million in 2017.

This didn’t change much for 2018. KPMG was still able to earn $133.3 million from GE in 2018.

General Electric’s tax department was recently acquired by PwC. KPMG was likely not involved in the bidding process because of independence issues.

Deutsche Bank

Deutsche Bank provides financial products and offers financial services worldwide. They are a leading investment bank. KPMG was ratified as their auditors as of their latest proxy filing.

Wells Fargo

Wells Fargo is another one of the largest banks in the world. KPMG was ratified as their independent auditor as of the latest proxy. KPMG has been the independent auditors of Wells Fargo for over 85 years.

As you can see KPMG’s audit fee went up to $52 million in 2016 following the scandal where employees created fake accounts for customers. Elizabeth Warren went on warpath questions KPMG’s role in overseeing this fraud.

Pepsico

Pepsico is a worldwide food and beverage company. They have a market capitalization of $192 billion.  KPMG was approved as their independent auditor as of the latest proxy filing.

ING Group

ING Group according to the Fortune 500 makes about $225 million in revenue. ING provides banking products to individuals and businesses.

Rolls Royce

Rolls Royce is one of the most prestigious luxury car brands in the world. KPMG will be their auditor until 2018 at which time PwC will take over. KPMG is currently being investigated because Rolls Royce bribed people and was penalized by several governmental authorities around the world.

Hershey

The Hershey Company manufactures and distributes confectionery products throughout the world. Their most popular product is obviously their chocolate. They had revenues in excess of $3 billion for their most recent financial year.

2016 is the final year that KPMG will be Hershey’s auditor. Hershey decided to put their audit up for tender and as part of that process they dismissed KPMG as their auditor.

Annual Turnover

KPMG generated approximately 14.3 billion U.S. dollars in revenue from Europe, the Middle East, Africa and India (EMA) in 2021. The revenue from this region contributed to the accounting firm achieving annual revenue of 32.12 billion U.S. dollars worldwide in 2021.

Compared to 2019, the revenues generated from Asia Pacific increased by around 16 percent in 2021. Furthermore, the revenues generated from EMA increased by over ten percent and from the Americas increased by over one percent.

The accounting firm – also known as an audit firm or professional services network – provides its clients with services in three main areas: audit, advisory, and tax. In 2020, the combined revenue from the firm’s audit and advisory service lines generated over 22.7 billion U.S dollars worldwide.

Regionally, growth in the number of clients seeking auditing advice in Europe led to revenue from the auditing service line in the EMA increasing to around 4.85 billion U.S dollars in 2019.

The accounting industry experienced a period of significant change during the 1980s, as eight firms sought ways to gain advantages in new international markets. Peat Marwick International (PMI) was one member of the Big Eight looking for ways to meet the growing global demand for professional services; Klynveld Main Goerdeler (KMG) was a smaller firm operating outside of the Big Eight and struggling to make an impression.

In 1987, the two firms agreed to a merger that made strategic sense to both and immediately made the newly formed KPMG the largest accounting firm in the world.

As competition for international clients intensified, two further mega mergers took place at the end of an extraordinary decade in the accounting industry, as the Big Eight became the Big Six in 1989.

How Can Deskera Assist You?

Want to manage your finances and budgets? Look no further than Deskera. Whether it is invoicing, inventory, CRM, accounting, or HR & payroll, as a business owner, you need to manage thousands of things. This is where Deskera Books can help you.

Key Takeaways:

• In 2020, Deloitte made 25.3 billion U.S. dollars from its Americas division, which positioned the most elevated of the Big Four bookkeeping firms for that specific locale.
• For the 12 months ending 30 June 2021, PwC firms around the world had gross revenues of US$45 billion (FY20 $43 billion) – up 2.0% in local currency and 4.9% in US dollars.
• The strategy & transaction segment reported the biggest year-on-year growth between 2020 and 2021, increasing by 14.6 percent. In 2021, EY generated the majority of its revenue in the Americas, grossing 17.7 billion U.S. dollars.
• KPMG generated approximately 14.3 billion U.S. dollars in revenue from Europe, the Middle East, Africa and India (EMA) in 2021. The revenue from this region contributed to the accounting firm achieving annual revenue of 32.12 billion U.S. dollars worldwide in 2021.

Related Articles: