World Survey 2014
Survey
International Accounting Bulletin
■■ Market Share
PWC 19%
Mid-tier
33%
Deloitte 19%
KPMG
13%
EY
14%
Source: IAB
■■ Average fee split Top 10 networks in 2008 and 2013 (%)
2008
2013
Audit & accounting
53
48
Tax
23
23
Advisory
24
29
2008
2013
52
43
■■ Average fee split Big Four in 2008 and 2013 (%)
Audit & accounting
Tax
24
23
Advisory
24
34
■■ Service Line Fee Split: Audit & Accounting
$m
14,760.0
PwC
Deloitte
0%
13,100.0
0%
EY
10,936.0
0%
KPMG
10,210.0
–1%
BDO
3,829.2
5%
Grant Thornton International
1,958.0
3%
RSM
1,861.2
–2%
■■ Service Line Fee Split: Advisory *
■■ Service Line Fee Split: Tax
%
$m
EY
3%
6,946.0
9%
Deloitte
6,100.0
12%
KPMG
4,970.0
2%
RSM
1,095.8
BDO
–5%
1,295.0
Grant Thornton International
15%
925.0
2%
Baker Tilly International
1,700.9
–3%
Baker Tilly International
844.7
–2%
Nexia International
1,692.4
4%
Crowe Horwath International
743.5
1%
Crowe Horwath International
1,574.5
0%
Moore Stephens Intenrational
705.4
-
Source: International Accounting Bulletin
6 y January 2014
$m
%
8,175.0
PwC
multinational clients, that includes audits
as well as advisory and tax work. A big
chunk of our growth has come from the
advisory practise. We’ve done M&As that
have helped – in the Netherlands, the US
and one in the UK and, of course, recently
in South Africa with the PKF practice etc.”
Most organisations have yet again been
affected by the robust US dollar, which has
been especially strong against certain currencies from the emerging markets.
Baker Tilly International chief executive
Geoff Barnes says the network, the eighthlargest, reported an increase in revenues
of 3%, “which in the market in which we
are operating is good and also we report
in US dollars, which is very strong against
some currencies”.
“In several countries we have seen really
good growth in local currency, but when
converting to US dollars the numbers were
good but not as outstanding,” Barnes says.
Baker Tilly International numbers also
don’t include the revenues from RSM Tenon
in the UK, which Baker Tilly UK bought at
the end of the summer in a pre-pack deal.
Mainly due to the loss of its only UK firm,
RSM reported a 7% decrease in fee income
to $3.7bn. RSM chief executive Jean Stephens also says the network cancelled its
membership with a Canadian firm, which
was based on mutual agreement .
Stephens says that the network has seen
growth across all regions apart from Africa
and the Middle East partly due to conversion rate which brought the revenues down.
“The numbers don’t show it, partly
because of Tenon, but we had a fantastic
year in 2013,” she says.
“We have been consistent from quarter to
quarter and managed to grow our interna-
Source: International Accounting Bulletin
Deloitte
%
13,200.0
8%
PwC
9,153.0
5%
KPMG
8,240.0
5%
EY
7,947.0
12%
Grant Thornton International
1,636.0
19%
BDO
1,328.7
7%
Crowe Horwath International
805.9
5%
Baker Tilly Intenrational
858.6
23%
RSM
757.0
–13%
Nexia International
612.8
3%
Notes: Includes all fees earned from services that are not audit & accounting
and tax.
Source: International Accounting Bulletin
www.InternationalAccountingBulletin.com