Deloitte Touche Tohmatsu, the global network of all Deloitte member firms, has revealed aggregate revenues of $20bn (£10.7bn)

William G. Parrett, global Deloitte CEO, said the firm had achieved 11.5% growth in local currencies.

All its service lines —audit, tax, consulting, and financial advisory services— contributed to the healthy showing.

The firm said there had been ‘considerable revenue improvements’ for tax, which rebounded from the 2005 financial year.

Other service offerings by member firms, like forensic and dispute services, had a strong year too.

Parrett said consolidation would continue to occur among the small and medium-sized firms, driven by client demand.

He also dismissed arguments that the Big Four should be broken up, suggesting instead ways to enhance competition among the largest firms and in the long term, provide more choice.