Top 30 groups net $150bn as growth soars

All eyes are on KOMG’s results due in December or January

The top 30 global accounting networks and associations earned almost $150bn
(£93.9bn) in revenues over the last year, according to a new survey by
Accountancy Age.

The accounting groups posted an impressive average of 18% growth on the
previous year, reaching $146bn of income.

PricewaterhouseCoopers
topped the chart with $28bn in revenues, but was closely followed by Deloitte
Touche Tohmatsu.

Deloitte revenues grew by 18.6% to $27.4bn, compared with PwC’s growth of
14%.

While the groups have performed well, all eyes will be on KPMG’s results, due
in December or January, which will represent the impact of the credit crunch,
banking crises and economic tough times on its results.

Accounting groups
BDO, RSM and
Grant Thornton
trail in the wake of fourth-placed
KPMG
International. BDO comes in at fifth place, with $4.7bn income, compared
with KPMG’s $19.8bn. Grant Thornton is yet to release its 2008 income figure.

PwC,
Ernst
& Young and KPMG have all undergone structural changes in recent times.
Ernst & Young is bringing together its firms in Europe, Africa, the Middle
East and India, albeit without profit-sharing. PwC has created three ‘clusters’,
while a number of KPMG firms have formally merged across Europe.

Survey author Phil Smith said that the new name in the top ten,
Praxity, formed from
Mazars
and Moores Rowland International, was a sign of things to come.

‘Other organisations will undoubtedly be looking at this move as a way
forward, so there is a good chance we will see more groups coming together,’
said Smith.

Further reading:

View
the survey results as a pdf