Big Four accounting firms

The Big Four is the nickname used to refer collectively to the four largest professional services networks in the world, consisting of Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers. The four networks are often grouped together for a number of reasons; they are each comparable in size relative to the rest of the market, both in terms of revenue and workforce; they are each considered equal in their ability to provide a wide scope of quality professional services to their clients; and, among those looking to start a career in professional services, particularly accounting, they are considered equally attractive networks to work in, because of the frequency with which these firms engage with Fortune 500 companies.

The Big Four each offer audit, assurance, taxation, management consulting, actuarial, corporate finance, and legal services to their clients. A significant majority of the audits of public companies, as well as many audits of private companies, are conducted by these four networks.

Until the late 20th century, the market for professional services was actually dominated by eight networks which were aptly nicknamed the "Big 8". The Big Eight consisted of Arthur Andersen, Coopers & Lybrand, Deloitte Haskins and Sells, Ernst & Whinney, Peat Marwick Mitchell, Price Waterhouse, Touche Ross, and Arthur Young.

The Big Eight gradually reduced due to mergers between these firms, as well as the 2002 collapse of Arthur Andersen, leaving four networks dominating the market at the turn of the 21st century. In the United Kingdom in 2011, it was reported that the Big Four account for the audits of 99% of the companies in the FTSE 100 Index, and 96% of the companies in the FTSE 250 Index, an index of the leading mid-cap listing companies.[1] Such a high level of industry concentration has caused concern, and a desire among some in the investment community for the Competition & Markets Authority to consider breaking up the Big Four. In October 2018, the CMA announced it would launch a detailed study of the Big Four's dominance of the audit sector.

Legal structure

None of the "firms" within the Big Four is actually a single firm; rather, they are professional services networks. Each is a network of firms, owned and managed independently, which have entered into agreements with the other member firms in the network to share a common name, brand, intellectual property, and quality standards. Each network has established a global entity to co-ordinate the activities of the network. In the case of KPMG,[2] the co-ordinating entity is a Swiss association, and in the cases of Deloitte,[3] PricewaterhouseCoopers[4] and Ernst & Young,[5] the co-ordinating entity is a UK limited company. Those entities do not themselves perform external professional services, nor do they own or control the member firms. Nevertheless, these networks colloquially are referred to as "firms" for the sake of simplicity and to reduce confusion with lay-people. These accounting and professional services networks are similar in nature to how law firm networks in the legal profession work.

In many cases, each member firm practices in a single country, and is structured to comply with the regulatory environment in that country.

Ernst & Young also includes separate legal entities which manage three of its four geographic areas: the Americas, Asia-Pacific, and EMEIA (Europe, the Middle East, India and Africa) groups, the fourth area being Japan, which has no larger co-ordination branch. These entities coordinate services performed by local firms within their respective areas, but do not perform services or hold ownership in the local entities.[6] There are rare exceptions to this convention; in 2007, KPMG announced a merger of four internationally distinct member firms (in the United Kingdom, Germany, Switzerland and Liechtenstein) to form a single firm.

History of mergers

Since the 1980s, numerous mergers and one major scandal involving Arthur Andersen, have reduced the number of major professional-services firms from eight to four.

Big Eight

The firms were called the Big Eight for most of the 20th century, reflecting the international dominance of the eight largest firms:

• Arthur Andersen
• Arthur Young
• Coopers & Lybrand
• Deloitte Haskins & Sells
• Ernst & Whinney
• Peat Marwick Mitchell
• Price Waterhouse
• Touche Ross

Most of the Big Eight originated in an alliance formed between British and US audit firms in the 19th or early 20th centuries. The firms' initial international expansion were driven by the needs of British and American based multinationals for worldwide service. They expanded by forming local partnerships, or by forming alliances with local firms. Arthur Andersen was the exception: the firm originated in the United States, and then expanded internationally by establishing its own offices in other markets, including the United Kingdom.

Price Waterhouse was a UK firm which opened a US office in 1890, and later established a separate US partnership. The UK and US Peat Marwick Mitchell firms adopted a common name in 1925. Other firms used separate names for domestic business, and did not adopt common names until much later. For instance, Touche Ross was named such in 1960, Arthur Young, McLelland, Moores & Co in 1968, Coopers & Lybrand in 1973, Deloitte Haskins & Sells in 1978, and Ernst & Whinney in 1979.[7]

In the 1980s the Big 8, each with global branding, adopted modern marketing and grew rapidly. They merged with many smaller firms. KPMG was the result of one of the largest of these mergers. In 1987, Peat Marwick merged with the Klynveld Main Goerdeler group to become KPMG Peat Marwick, later known simply as KPMG. Note that this was not the result of a merger between any of the Big Eight.

Big Six

Competition among these firms intensified, and the Big Eight became the Big Six in 1989. In that year, Ernst & Whinney merged with Arthur Young to form Ernst & Young in June, and Deloitte, Haskins & Sells merged with Touche Ross to form Deloitte & Touche in August.

The Big Six after both mergers occurred were:

• Arthur Andersen
• Coopers & Lybrand
• Deloitte & Touche
• Ernst & Young
• KPMG
• Price Waterhouse

There has been some merging of ancestor firms, in some localities, which would aggregate brands belonging to the Big Four today, but in different combinations than the present-day names would otherwise suggest. For example, the United Kingdom local firm of Deloitte, Haskins & Sells merged instead with the United Kingdom firm of Coopers & Lybrand. The resulting firm was called Coopers & Lybrand Deloitte, and the local firm of Touche Ross kept its original name. It wasn't until the mid-1990s that both UK firms changed their names to match those of their respective international organizations. Meanwhile, in Australia, the local firm of Touche Ross merged instead with KPMG.[8][9] It is for these reasons that the Deloitte & Touche international organization was known as DRT International (later DTT International), to avoid use of names which would have been ambiguous, as well as contested, in certain markets.

Big Five

The Big Six became the Big Five, in July 1998, when Price Waterhouse merged with Coopers & Lybrand to form PricewaterhouseCoopers.

The Big Five at this point in time were:[10]

• Arthur Andersen
• Deloitte & Touche
• Ernst & Young
• KPMG
• PricewaterhouseCoopers

Big Four

Finally, the insolvency of Arthur Andersen stemming from their involvement in the 2001 Enron Scandal, produced the Big Four:

• Deloitte & Touche
• Ernst & Young
• KPMG
• PricewaterhouseCoopers

The Enron collapse and ensuing investigation prompted scrutiny of the company's financial reporting, which that year was audited by Arthur Andersen. Arthur Andersen was eventually indicted for obstruction of justice for shredding documents related to the audit in the Enron scandal. The resulting conviction, although it was later overturned, still effectively meant the end of Arthur Andersen, because the firm was not allowed to take on new clients while they were under investigation. Most of its country practices around the world were sold to members of what is now the Big Four - notably Ernst & Young (now known as EY) globally; Deloitte & Touche in the United Kingdom, Canada, Spain, and Brazil; and PricewaterhouseCoopers (now known as PwC) in China and Hong Kong.

Revenue comparison

Firm	Revenues	Employees	Revenue per employee	Fiscal year	Headquarters
Deloitte	$46.2 bn	312,028	$148,077	2019	United Kingdom/United States
PwC	$42.45 bn	276,005	$153,794	2019	United Kingdom/United States
EY	$36.4 bn	284,000	$128,169	2019	United Kingdom/United States
KPMG	$29.75 bn	219,281	$135,671	2019	Netherlands

In 2010, Deloitte, with its 1.8% growth, was able to outpace PricewaterhouseCoopers' 1.5% growth, gaining "first place" in revenue size, and became the largest firm in the professional services industry. In 2011, PwC re-gained first place with 10% revenue growth. In 2013, these two firms claimed the top two spots with only a $200 million revenue difference, that is, within half a percent. However, Deloitte saw faster growth than PwC over the next few years (largely due to acquisitions) and reclaimed the title of largest of the Big Four in Fiscal Year 2016.

It was estimated that the Big Four had about a 67% share of the global accountancy market in 2012, while most of the rest was divided among so called mid-tier players, such as BDO, Crowe Global and Grant Thornton.[11]

Criticism

Cartel fears

In Australia, the heads of the big four firms have met regularly for dinner, a parliamentary committee was told in 2018. The revelation was among issues which led to an inquiry by the Australian Competition & Consumer Commission into possible collusion in the selling of audit and services. However, Ernst & Young told the inquiry that the dinners, which were held once or twice a year, were to discuss industry trends and issues of corporate culture such as inclusion and diversity.[12]

Tax avoidance

According to Australian taxation expert George Rozvany, the Big Four are "the masterminds of multinational tax avoidance and the architects of tax schemes which cost governments and their taxpayers an estimated $US1 trillion a year". At the same time they are advising governments on tax reforms, they are advising their multinational clients how to avoid taxes.[13][14]

Market concentration

In the wake of industry concentration and the occasional firm failure, the issue of a credible alternative industry structure has been raised.[15] The limiting factor on the expansion of the Big Four to include additional firms, is that although some of the firms in the next tier have become quite substantially large, or have formed international networks, effectively all large public companies insist on having an audit performed by a Big Four network. This creates the complication that smaller firms have no way to compete well enough to make it into the top end of the market.

In 2011, the House of Lords of United Kingdom completed an inquiry into the financial crisis, and called for an Office of Fair Trading investigation into the dominance of the Big Four.[16] It is reported that the Big Four audit all but one of the companies that constitute the FTSE 100, and 240 of the companies in the FTSE 250, an index of the leading mid-cap listing companies.[1]

Corporate collusion

Documents published in June 2010 show that some UK companies' banking covenants required them to use one of the Big Four. This approach from the lender prevents firms in the next tier from competing for audit work for such companies. The British Bankers' Association said that such clauses are rare.[17] Current discussions in the UK consider outlawing such clauses.

In Ireland, the Director of Corporate Enforcement, in February 2011 said, auditors "report surprisingly few types of company law offences to us", with the so-called "big four" auditing firms reporting the least often to his office, at just 5% of all reports.[18]

The January 2018 collapse of the UK construction and services company Carillion raised further questions about the Big Four, all of which had advised the company before its liquidation. On 13 February 2018, the Big Four were described by MP and chair of the Work and Pensions Select Committee Frank Field as "feasting on what was soon to become a carcass" after collecting fees of £72m for Carillion work during the years leading up to its collapse.[19] The final report of a Parliamentary inquiry into the collapse of Carillion, published on 16 May 2018,[20] accused the Big Four accounting firms of as a "cosy club", with KPMG singled out for its "complicity" in signing off Carillion’s "increasingly fantastical figures" and internal auditor Deloitte accused of failing to identify, or ignoring, "terminal failings". The report recommended the Government refer the statutory audit market to the Competition and Markets Authority (CMA), urging consideration of breaking up the Big Four.[20] In September 2018, Business Secretary Greg Clark announced he had asked the CMA to conduct an inquiry into competition in the audit sector,[21] and on 9 October 2018, the CMA announced it had launched a detailed study.[22] MPs have asked for the separation of the "Big Four" into multiple units after the collapse of Carillion and BHS as it would help in providing the professional skepticism required to furnish high quality audits.[23] In July 2020, the UK Financial Reporting Council told the Big Four that they must submit plans by October 2020 to separate their audit and consultancy operations by 2024.[24]

A 2019 analysis by Public Company Accounting Oversight Board (PCAOB) in the United States observed that the big four accounting firms bungled almost 31% of their audits since 2009. In another project study on government oversight, it was seen that while the auditors colluded to present audit reports that pleased their clients, the times when they didn't they lost business. Despite this large-scale collusion in audits, the PCAOB in its 16-year history has only made 18 enforcement cases against the "big four". Although these auditors have failed audits in 31% of cases (808 cases in total), they have only faced action by PCAOB in 6.6% of the cases. KPMG has never been fined despite having the worst audit failure rate of 36.6%.[25]

Global member firms

Region	Deloitte	PwC	Ernst & Young	KPMG
Australia	Deloitte Australia[26]	PricewaterhouseCoopers	Ernst & Young	KPMG
Argentina	Deloitte & Co. S.A.[27]	Pricewaterhouse & Co. S.R.L.[28]	Ernst & Young	KPMG
Bangladesh	NUFHAS	PwC[29]	A.Qasem & Co., Chartered Accountants	Rahman Rahman Huq & Co., Chartered Accountants
Brazil	Deloitte	PwC[30]	EY	KPMG
Bulgaria	Deloitte	PwC[31]	EY	KMPG
Cambodia	Deloitte	PricewaterhouseCoopers (Cambodia) Ltd.[32]	Ernst and Young	KMPG
Canada	Deloitte	PwC[33]	EY	KPMG
China	Deloitte Hua Yong	PricewaterhouseCoopers Zhong Tian[34]	Ernst & Young Hua Ming	KPMG Hua Zhen
Colombia	Deloitte	PwC	EY	KPMG
Croatia	Deloitte	PwC Hrvatska	EY	KPMG
Cyprus	Deloitte	PricewaterhouseCoopers[35]	Ernst & Young	KPMG
Egypt	Saleh, Barsoum & Abdel Aziz	Mansour & Co.[36]	Allied for Accounting and Auditing (Emad Ragheb)	Hazem Hassan
El Salvador	DTT El Salvador, S.A. de C.V.	PricewaterhouseCoopers El Salvador[37]	Ernst & Young El Salvador, S.A. de C.V.	KPMG, S.A.
Finland	Deloitte & Touche Oy	PricewaterhouseCoopers Oy[38]	Ernst & Young Oy	KPMG Oy Ab
France	Deloitte[39]	PricewaterhouseCoopers France et Pays Francophones d’Afrique[40]	EY TRANSACTION SERVICES	KPMG
Ghana	Deloitte	PwC[41]	EY	KPMG
Hong Kong	Deloitte	PricewaterhouseCoopers[42]	Ernst & Young	KPMG
India	Deloitte	PricewaterhouseCoopers[43]	EY	KPMG
Indonesia	KAP Imelda & Rekan	KAP Tanudiredja, Wibisana, Rintis & Rekan[44]	KAP Purwantono, Sungkoro & Surja	KAP Sidharta Widjaja & Rekan
Ireland	Deloitte	PwC	EY	KPMG
Israel	Deloitte Brightman Almagor Zohar (Deloitte Israel)	Kesselman & Kesselman, PwC Israel[45]	Kost, Forer, Gabbay & Kasierer (Ernst & Young Israel)	KPMG Somekh Chaikin
Italy	Deloitte Touche Tohmatsu	PricewaterhouseCoopers	Reconta Ernst & Young SpA, Ernst & Young Financial Business Advisors SpA,	KPMG S.p.A., KPMG Advisory S.p.A., KPMG Fides S.p.A.
Japan	Deloitte Touche Tohmatsu Kansa Houjin Tohmatsu	PricewaterhouseCoopers Aarata Aarata Kansa Houjin PricewaterhouseCoopers Kyoto	Ernst & Young ShinNihon LLC ShinNihon Yugen-sekinin Kansa Houjin	KPMG AZSA LLC (formerly KPMG AZSA & Co.) Azsa Kansa Houjin
Jordan	Deloitte Touche (M.E)	PwC	Ernst & Young	KPMG
Kazakhstan	Deloitte	PwC	EY	KPMG
Kenya	Deloitte & Touche (E.A)	PwC	Ernst & Young	KPMG
Kyrgyzstan	Deloitte	-	EY	KPMG
Lebanon	Deloitte Touche (M.E)	PwC	Ernst & Young	KPMG PCC
Malaysia	Deloitte PLT	PricewaterhouseCoopers	Ernst & Young	KPMG PLT
Malawi	Deloitte	PriceWaterhouseCooper (PWC)	Ernst & Young	Not available
Malta	Deloitte	PwC	EY Malta	KPMG
Mauritius	Deloitte	PwC	EY	KPMG
Mexico	Galaz, Yamazaki, Ruiz Urquiza, S.C.	PricewaterhouseCoopers México	Mancera S.C.	KPMG Cárdenas Dosal, S.C.
Mongolia	Deloitte Onch	PwC	Ernst & Young Mongolia	KPMG
Morocco	Deloitte Touche (M.E)	PwC	Ernst & Young	KPMG
New Zealand	Deloitte	PwC	EY	KPMG
Nigeria	Akintola Williams Deloitte	PwC Nigeria	Ernst & Young	KPMG
Pakistan	Deloitte Yousuf Adil	A. F. Ferguson & Co.	EY Ford Rhodes	KPMG Taseer Hadi & Co.
Palestinian Territories	Deloitte Touche (M.E)	PwC	Ernst & Young	none
Peru	DELOITTE & TOUCHE SRL	PRICEWATERHOUSECOOPERS S.CIVIL DE R.L.	ERNST & YOUNG SRL	KPMG SAC
Philippines	Navarro Amper & Co (formerly Manabat Delgado Amper & Co.)	Isla Lipana & Co.	SyCip Gorres Velayo & Co.	R.G. Manabat & Co. (formerly Manabat Sanagustin & Co.)
Poland	Deloitte	PwC	EY	KPMG
Romania	Deloitte Audit S.R.L., Deloitte Tax S.R.L., Deloitte Consultanta S.R.L., Deloitte Evaluare S.R.L. Deloitte Fiscal Representative S.R.L. and Reff & Associates SCA (jointly referred to as "Deloitte Romania")[46]	PricewaterhouseCoopers Audit SRL, PricewaterhouseCoopers Tax Advisors & Accountants SRL, PricewaterhouseCoopers Consultants SRL, PricewaterhouseCoopers Business Recovery Services IPURL, PricewaterhouseCoopers Servicii SRL[47]	Ernst & Young SRL[48] Ernst & Young Support Services SRL	KPMG Romania S.R.L.[49]
Saudi Arabia	Deloitte and Touche & Co. - Chartered Accountants	PricewaterhouseCoopers LLP	Ernst & Young Saudi Arabia	KPMG Al Fozan & Partners
Serbia	Deloitte d.o.o. Beograd[50]	PricewaterhouseCoopers d.o.o. Beograd[51]	Ernst & Young d.o.o. Beograd[52]	KPMG d.o.o Beograd[53]
Slovak Republic	Deloitte Audit s.r.o.	PricewaterhouseCoopers Slovensko, s.r.o.	Ernst & Young Slovakia, spol. s r.o.	KPMG Slovensko spol. s r.o.
South Africa	Deloitte	PwC	EY	KPMG
South Korea	Anjin LLC	Samil LLC	Hanyoung LLC	Samjong LLC
Sri Lanka	SJMS Associates (independent correspondent firm)	PwC	Ernst & Young	KPMG
Sweden	Deloitte Touche Tohmatsu	Öhrlings PricewaterhouseCoopers	Ernst & Young	KPMG
Syria	Deloitte (M.E) - Nassir Tamimi Chartered Accountant	PricewaterhouseCoopers	Abdul Kader Hussarieh and partners	Mejanni & Co. Chartered Accountants and Consultants LLC
Thailand	Deloitte & Touche Tohmatsu	PricewaterhouseCoopers	Ernst & Young	KPMG
Taiwan	Deloitte Asia Pacific Services Limited	PricewaterhouseCoopers Taiwan	Ernst & Young	KPMG
Turkey	DRT Bagimsiz Denetim ve S.M.M. A.S.	Basaran Nas Bagimsiz Denetim ve SMMM A.S.	Güney Bağımsız Denetim ve S.M.M. A.Ş., Kuzey Y.M.M. Denetim A.Ş., Ernst Young Kurumsal Finansman Danışmanlık A.Ş., BEY S.M.M. A.Ş.	Akis Bagimsiz Denetim ve S.M.M. A.S.
United States	Deloitte LLP	PricewaterhouseCoopers LLP	Ernst & Young LLP	KPMG LLP
Uzbekistan	Deloitte Touche Tohmatsu	ASC PricewaterhouseCoopers	Ernst & Young LLC	KPMG Audit LLC
Venezuela	Lara Marambio & Asociados - Deloitte	Pacheco, Apostólico & Asociados - PricewaterhouseCoopers	EY	Rodriguez Velasquez & Asociados - KPMG
Vietnam	Deloitte	PwC	EY	KPMG
Uganda	Deloitte	PwC	EY	KPMG
Zimbabwe	Deloitte	PwC	EY	KPMG

Branding list

Showing year of formation through merger, or adoption of single brand name.

• Arthur Andersen (1913–2002)
• Ernst & Young (EY) (1989) (Ernst & Young until 2013)
  • Arthur Young (1985)
    • Arthur Young, McLelland, Moores & Co (1968)
    • Arthur Young Broads Paterson & Co (1923)
    • Stuart & Young (1894)
  • Ernst & Whinney (EY) (1979)
    • Ernst & Ernst (US) (1903)
    • Whinney, Smith & Whinney (UK) (1849)
• PricewaterhouseCoopers (PwC) (1998) (PricewaterhouseCoopers until 2010)
  • Coopers & Lybrand (1973)
    • Cooper Brothers (UK) (1854)
    • Lybrand, Ross Bros, Montgomery (US) (1898)
  • Price Waterhouse (US) (1849)
• Deloitte Touche Tohmatsu (1989) (Deloitte & Touche until 1993)
  • Deloitte Haskins & Sells (1978)
    • Deloitte & Co (UK) (1845)
    • Haskins & Sells (US) (1895)
  • Touche Ross (1975)
    • Touche Ross (1960) (Touche, Ross, Bailey & Smart until 1969)
      • Ross (Canada)
      • George A. Touche (UK)
      • Touche, Niven, Bailey & Smart (US) (1947)
        • Touche Niven (1900)
        • Bailey & Smart (1947)
    • Tohmatsu & Co (Japan) (1968)
• KPMG (1987) (KPMG Peat Marwick before 1995)
  • Peat Marwick (1925) (originally Peat Marwick Mitchell)
    • William Barclay Peat (UK) (1870)
    • Marwick Mitchell (US) (1897)
    • Edwin Gurthie (1875–1955)
    • Beevers & Adgie (1849–1967)
  • KMG (1979) (officially Klynveld Main Goerdeler)
    • Klynveld Kraayenhof (Netherlands) (1917)
    • McLintock Main Lafrentz (1964)
      • Thomson McLintock (UK) (1877)
        • Martin Farlow (1882–1968)
        • Grace Ryland (1967–1969)
          • Grace, Darbyshire, & Todd (1818)
          • CJ Ryland (1910)
      • Main Lafrentz (US) (c.1880)
    • Deutsche Treuhand-Gesellschaft (Germany) (1890)
  • Armitage & Norton (1869–1987)

See also

• Accounting network
• Luxembourg leaks

References

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13. "'Tax avoidance' masters revealed". The NEWDAILY. 2016-07-11.
14. "'Big Four' audit firms never examined over illegal tax plans". The Independent. 2016-01-18. Regulators fail to act as they are dominated by the companies they are supposed to police, say critics
15. "Too Big to Fail: Moral Hazard in Auditing and the Need to Restructure the Industry Before it Unravels". SSRN 928482.
16. "Auditors criticised for role in financial crisis". Financial Times.
17. "Big-Four-only clauses are rare: BBA". accountancyage.com. Archived from the original on 2010-06-21.
18. http://www.independent.ie/business/irish/appleby-and-revenue-query-work-of-auditors-2544309.htm
19. Davies, Rob (13 February 2018). "Carillion: accountants accused of 'feasting' on company". The Guardian. Retrieved 13 February 2018.
20. Davies, Rob (16 May 2018). "'Recklessness, hubris and greed' – Carillion slammed by MPs". The Guardian. Retrieved 16 May 2018.
21. Busby, Mattha (29 September 2018). "Audit sector faces inquiry as minister points to deficiencies". The Guardian. Retrieved 29 September 2018.
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26. "About Deloitte Australia". Deloitte Australia. 20 February 2015. Retrieved 6 October 2015.
27. "Deloitte Argentina | Auditoría, Consultoría, Impuestos, Asesoría Financiera, entre otras". Deloitte Argentina.
28. "PwC Argentina: construyendo relaciones, creando valor". PwC.
29. "PwC Bangladesh". PwC.
30. "PwC office locations in Brazil". PwC.
31. "PwC office locations in Bulgaria". PwC.
32. "PwC office locations in Cambodia". PwC.
33. "PwC office locations in Canada (by city)". PwC.
34. "PwC office locations in China". PwC.
35. "PwC Cyprus". PwC.
36. "PwC office locations in Egypt". PwC.
37. "PwC office locations in El Salvador". PwC.
38. "PwC office locations in Finland". PwC.
39. "Prise de Contact". Deloitte France.
40. "PwC France". PwC.
41. "PwC office locations in Ghana". PwC.
42. "PwC office locations in Hong Kong SAR, China". PwC.
43. "Offices in India of the PwC Network". PwC.
44. "PwC office locations in Indonesia". PwC.
45. "PwC office location listing in Israel". PwC.
46. "Archived copy". Archived from the original on 2014-08-08. Retrieved 2014-08-07.CS1 maint: archived copy as title (link)
47. PricewaterhouseCoopers. "About site provider". PwC.
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50. "Serbia Business Registry Agency - Deloitte results".
51. "Serbia Business Registry Agency - PwC results".
52. "Serbia Business Registry Agency - EY results".
53. "Serbia Business Registry Agency - KPMG results".

External links

• Official website Deloitte
• Official website Ernst & Young
• Official website PricewaterhouseCoopers
• Official website KPMG
• International Consortium of Investigative Journalists, Big 4 Audit Firms Play Big Role in Offshore Murk,
• G8 And Tax Avoidance - Spinwatch Exclusive on the role of the Big Four in lawmaking