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The Big Four accounting and audit firms, also known as the accounting oligopoly, are the four largest professional services networks in the world, offering audit, assurance, tax, consulting, actuarial, corporate finance, and legal services.
They handle the vast majority of audits for publicly traded companies as well as many privately held companies.
These firms are the Big 4 of the auditing and consulting sector for a valid reason as they are the auditors for six out of every ten of the topmost 500 listed companies in India.
These companies are widely acclaimed for their professional services in business areas of taxation, assurance, consulting, risk advisory, actuarial, audit, transaction advisory, corporate finance, and legal services.
What makes them the biggest accounting firms is their clientele, range of services, market capitalization, market share, and revenue, among others.
So without further ado, let’s take a look at all these big 4 companies in India operating globally along with their market share in Indian jurisdiction.
Big 4 Companies (Big 4 Audit Firms)
The Big Four accounting firms are often criticized for their dominance of the auditing and accounting industry. Some say that their size gives them an unfair advantage over smaller firms. Others argue that the products and services offered by the Big Four are not as innovative as those offered by smaller firms.
In recent years, the Big Four firms have been embroiled in a number of scandals. Despite these scandals, the Big Four firms dominate the accounting and auditing industry. They are expected to maintain their market share in the coming years.
Big 4 Companies and Best 4 Audit Firms
Here are the big 4 audit firms in 2023 ranked as per their market share, net revenue, and other details.
Deloitte is currently operating in more than 150 countries worldwide and with a total of 14 offices in India. Deloitte Touche Tohmatsu Limited is the largest auditing company that scores number #1 on the list of Big 4 companies in India. The CEO of the India Division is Mr. Punit Renjen since June 1, 2015.
Their area of service includes:
- Audit & Assurance
- Legal Services
- Risk Advisory
- Consulting Services
- Financial Advisory
As per the recent data, Deloitte is the market leader with a 30% share in India and the total revenue earned is 59.30 Billion USD in the year 2022.
Deloitte also scores the first position in providing employment to over 415,000 employees working worldwide. Let alone India, more than 15,000+ employees work across offices in various cities of India.
2. PwC India (Pricewaterhouse Coopers)
PwC stands for Pricewaterhouse Coopers and is based in London, England, and scores the 2nd most prominent position in the list of the big 4 companies of India. They are operating in 157 countries with 27 offices all over India.
All the offices are located in 8 major cities of India including Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai, Raipur, Bhopal, and Pune. The Indian Divison of PwC is headed and managed by Chairman Mr. Sanjeev Krishan since 2020.
The wide range of services offered by PwC India are:
- Accounting Advisory
- Alliances and Ecosystem
- Risk Assurance
- Entrepreneurship and Startups
With 328,000 global employees and 11,500 employees in India, 27% of the market share is owned by PwC. The total revenue earned is 50.3 Billion USD in the year 2022.
3. EY (Ernst & Young)
Ernst & Young known as EY India is the 3rd largest auditing firm in the list of big 4 companies in India. It has 27 offices in India and offers employment to over 365,399 employees globally.
This company has the largest number of employees when compared to other big 4 companies in India. This is because EY has global centers in India.
The offices in India are located in these cities – New Delhi, Gurugram, Noida, Mumbai, Pune, Bangalore, Hyderabad, Chennai, Kolkata, Ahmedabad, Chandigarh, Jamshedpur, and Kochi. Currently, Mr. Rajiv Memani is the chairman and managing partner of Ernst & Young India.
The range of services offered by Ernst & Young in India are:
- EY Private
- Strategy and Transactions
The firm presently has a market share of 24% with a revenue of 45.4 Billion USD as per the latest report by Statista in 2022.
Related: Best Mining Companies in India
4. KPMG (Klynveld Peat Marwick Goerdeler)
KPMG or Klynveld Peat Marwick Goerdeler is the 4th largest among the group of Big 4 companies in India with a market share of 29.22% and revenue of 34.64 Billion USD in 2022.
The firm has its headquarters in Amstelveen, Netherlands, and provides employment to over 265,000 employees in total and let alone 12,000+ employees in India.
The range of service offered by KMPG are as follows:
- Advisory Services
- Tax Services
- Government Infrastructure and Healthcare
- Global Mobility Services
- Digital Consultancy
Wrapping up on Big 4 Companies
All the above-mentioned statistics for the big 4 companies with respect to revenue, market share, and employees are from the latest report available on the respective companies’ websites and Statista.
These big 4 companies recruit employees in large numbers and if you are looking for a job, then visit the careers page of these companies websites and find the most suitable job for you.
I hope you found this post on big 4 accounting companies helpful. If you’ve doubts or suggestions, feel free to comment below.