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Meet the 4 Powerhouse Accounting firms

by admin on September 16, 2015 Comments Off

If you are looking for accounting services Singapore, you would always look for the best. Perhaps your criteria might be the bigger the firm, the better. Now you would like to know, “What are the largest accounting firms in Singapore and the rest of the world?” Did your firm make the cut? Let’s find out.

 

  1. Deloitte Touche Tohmatsu Limited

Widely considered as the biggest professional service organization in the world, Deloitte boasts approximately 203,000 professionals dispersed in more than 150 countries. Its founder was William Deloitte, way back in 1845. A series of mergers and acquisitions changed its ownership, but not its quality standards and company values. No doubt it’s one of the best in the accounting world.

This accounting firm provides quality service in providing its clients consulting, audit, risk management and tax services.

  1. Pricewaterhousecoopers (PWC)

With its network of 184,000 professionals in 159 countries, PWC is one of the biggest providers of accounting services in Singapore and elsewhere in the world. It was formed through the merger of two big accounting firms – the Price Waterhouse and the Coopers & Lybrand. These two decided to unite in 1998 in order to provide more quality service that will maintain good customer relations.

Member firms operate on their own and on their own locality. What binds them is the single set of values and standards PWC instituted. PWC provides top notch services in accounting, assurance, advisory and tax series.

  1. Ernst and Young (EY)

Ernst and Young is a large accounting firm which prides itself with high-end professional skills, integrity, teamwork, respect, motivation and enthusiasm. Its global organization is composed of 175,000 employees in more than 140 countries. EW was formed through the union of Ernst & Whinney and Arthur Young in 1989.

People development is among their top priority. Their professionals enjoy professional training and career growth programs. EY offers advisory, tax, assurance and specialty services.

  1. Klynveld Peat Marwick Goerdeler (KPMG)

This big accounting firm was created through merger of Peat Marwick International and Klynveld Main Goerdeler. Its global network of 155,000 professionals in 151 countries provides tax, audit, advisory, special interest and industry-specific services. It places big importance on the career growth of employees and the quality of services it delivers.

Historical Tidbits

These Big 4 accounting firms were used to be composed of 8 entities: (1) Arthur Young & Co, (2) Arthur Andersen, (3) Ernst and Whinney, (5) Deloitte, Haskins and Sells, (5) Coopers & Lybrand, (6) Touche Ross (7) KPMG, (8) Price Waterhouse.

In 1989, Ernst and Young merged with Arthur Young to form Ernst and Young, while Deloitte, Haskins and Sells joined with Touche Ross to form Deloitte Touche. Thus, from 8, they became 6.

In 1998 Coopers & Lybrand and Pricewaterhouse merged to form PricewaterhouseCoopers or PWC. From 6, they were trimmed down to 5.

In 2002, due to the Enron scandal, Arthur Andersen went out of business. From then on, the world recognized the biggest firms as Big 4.

If you’re curious what’ fifth and sixth, here you go: BDO International and Grant Thorton respectively.

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