Auditing and accounting professionals and aspiring students have good news now. Yes, in April 2024, Deloitte, the Big Four accounting firm started a new office in Yemalur Village, Bengaluru. The new office is the fourth in the city. The office is to place around 6,000 professionals. The new office adds value to the three old offices. The new office brings global clients to Indian professionals. The talents of Bengaluru can perform and satisfy global clients. The infrastructure of Bengaluru is growing rapidly with the new company names and talents. The blog highlights the investment plans of Deloitte, departments in Big Four accounting firms and the growth of other accounting firms in India.
Investment plans of Deloitte:
Deloitte office has the following departments: data analytics, artificial intelligence, cybersecurity, and cloud services. In January and March of 2024, the company opened new offices in Pune, Noida and Bengaluru. Deloitte also has branch offices in Coimbatore, Jamshedpur, Kochi and Bhubaneswar. The branch office of Deloitte is operating in 14 locations in India.
Deloitte is investing in the latest technology and employee training to enhance the skills in AI and related technologies. AI Academy is the wing of Deloitte used to train the employees. With the help of AI Academy, Deloitte had trained 120,000 employees. Deloitte is investing around $ two billion in the learning process of the latest global technology. Deloitte invests $ two billion to integrate generative AI and improve industry-related services. The industry-specific technological learning is part of the Industry Advantage program. Deloitte is expanding its services with cloud-native technology.
Deloitte is investing in the skilled professionals. The skills are groomed with the training plans of the company. The goal of Deloitte US-India offices is to create confidence and trust among professionals. The programs of Deloitte help the professionals to grow mentally, physically and financially.
Departments in Big Four Accounting firms:
The core business of the Big Four accounting firm is the auditing services. Apart from the core services, the other services are management consultation, strategy, tax, market research, valuation, legal advisory, and assurance. The big four firms contribute to the quality standards and changes with the ethics, auditing standards and tax laws. It is hard to get jobs at Big Four firms. The different positions in Big Four firms are tax analyst, accountant, certified public accountant, auditor, business analyst, and cybersecurity analyst.
In Big Four firms, the main departments are as follows: Audit and Assurance, Tax, Financial advisory, and consulting. Chartered accountancy students undergoing the article ship training prefer to work in the Audit and assurance department. In this department, the work is to verify the records, check accuracy, check the standards and principles of accountancy, check the tax laws, prepare financial reports, evidence-based checking and check the statutory audit compliances. The tax department offers experience to professionals in checking accounting records, preparing financial statements, evaluating other statements, advising on budgetary systems, calculating GST tax, and following tax laws and regulations. Experience in the audit department helps the students to start their own CA firm and grow in the auditing profession. Experience in taxation helps to work in big corporations and advise the management team. The following points explain the sub-divisions in the Big Four Accounting firms.
- In Audit and Assurance, the sub-divisions are financial statement audit, internal audit, forensic and investigative services, and risk advisory.
- In the tax department, the sub-divisions are corporate tax, international tax, personal tax, and indirect tax.
- In financial advisory, the sub-divisions are M&A, restructuring, private equity and valuation.
- In consulting, the sub-divisions are business consulting, technology consulting and people advisory services.
The growth of big four firms in 2023:
In 2023, the revenue of Deloitte was $64.9 billion. Deloitte has offices in 150 countries. In 2021, Deloitte touched a revenue of $50 billion. Joseph B. Ucuzzoglu is the Global CEO of Deloitte. Romal Shetty is the Indian CEO of Deloitte. Deloitte has 18 offices in India.
PWC reported a revenue of $53.1 in 2023. PWC has experienced a 5.6% upsurge in revenue in the United States. PWC’s workforce is expanding with a base of 364,000 employees in 1152 countries. The Company had invested a sum of $3.7 billion in the business acquisition and talent. Robert E. Moritz is the Global CEO of PWC. Sanjeev Krishan is the Indian CEO of PWC. PWC has 13 offices in India.
Ernst & Young reported the revenue of 2023 as $49.9 billion. The media relations director is EY is Rachel Lloyd. He says that the increase of 14.2% in the revenue from the previous year is a sign of successful growth. EY invested in the company expansion with $10 billion for the succeeding three years. The company introduced an AI assistant with artificial intelligence technology in 2023 to enhance creativity and research. Carmine Di Sibio is the Global CEO of EY. Rajiv Memani is the Indian CEO of EY. Carmine Di Sibio is the Global CEO of EY. Rajiv Memani is the Indian CEO of EY. EY has 14 offices in India.
KPMG reported a revenue of $36 billion in 2023. KPMG has offices in all the states of the U.S. KPMG has branch offices in 143 countries. Around the globe, the employee’s number in KPMG was 273,000. Bill Thomas is the Global CEO of KPMG. Yezdi Nagpore Walla is the Indian CEO of KPMG. KPMG has 14 offices in India.
Final Words:
Big Four firms offer a valuable experience to professionals. Students with a record of first-attempt passes, rank, high marks, experience and other technical skills get placement in the Big Four accounting firms. The dream of professionals entering the finance Industry is to start a CA firm or place themselves in the top-level management. RR Academy offers a platform to grow and excel in the auditing profession.