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Overview of Accounting Firms in Australia
Australia has its own three recognized professional accounting bodies who decide the accounting rules and regulations for Australian accounting firms. These three bodies are the Institute of Public Accountants (IPA), CPA Australia and Institute of Chartered Accountants of Australia (ICAA).
The Big Four Accounting Firms in Australia comprises of the major part of the accounting market. The services provided by the accounting firm in Australia primarily relate to the following –
- Audit and Assurance- The firm executes thorough and independent audits in order to reach the root cause of the accounting issues. It provides the effective solution to the problem to help the clients in meeting compliance.
- Tax- The tax service provides includes helping startups to set up business tax and regulate employment tax issues. Moreover, it helps clients in various other aspects of tax like navigating GST and indirect taxes and other tax concessions.
- Financial Advisory- The accounting firm of Australia helps its clients in providing services corporate finance, restructuring consulting and forensic advisory services with the help of their expert professionals. The clients are provided with a plethora of services while they undergo mergers and acquisitions which include determining the capital structure by valuing the target companies, helping in raising debt and equity from the capital markets. It helps aids the process of smoothening the working capital requirements for their clients unlocking tied cash requirements.
- Consulting- The accounting firms provide consulting services for various aspects of strategies to the clients which include services like managing business risk, regulating human capital, helping in performance improvement, advising for executing effective strategy and growth and provide technology advisory services.
10 Top Accounting Firms in Australia
Among the top accounting firms in Australia, the Big Four Accounting Firms has the biggest market share. They dominate the accounting industry of Australia by providing various services like audit, advisory, tax, and accounting. Let us discuss the top accounting firms in Australia:
#1 – PwC Australia
PwC is one of the biggest accounting firms in Australia which has a global presence. PwC Australia has its offices in the cities of Greater Western Sydney, Brisbane, Melbourne, Adelaide, Canberra, Gold Coast, Perth, and Newcastle. It has got approximately 5,800 employees and 500 partners. According to reports of 2016 PwC Australia has reported revenues of nearly $1.92 billion. The firm uses three main principles of being good, being bold and being a part of it to stay relevant in the accounting world and to keep itself ahead in the competition in today’s fast-paced society. The firm aims at solving the challenges of the coming days by staying connected, listening and conversing.
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#2 – KPMG Australia
This is another top accounting firm in Australia which mainly puts its focus on the processes and integrity behind the formal audit report. The firm has a clear principle of focussing on the quality which is non-negotiable and imperative for this accounting firm. KPMG Australia reported revenues of $1.37 billion in the financial year of 2016 under the leadership of Duncan McLennan who is the national managing partner of KPMG Australia. The accounting firm’s main emphasis is on the quality of the audit and also focusing on the fact that how the right opinion is reached and not just reaching the right opinion.
#3 – Ernst & Young Australia
This accounting firm in Australia comes in the top ten list of accounting firms. This firm keeps its focus on providing high-end audit services objectively and ethically to all its clients. Ernst & Young Australia has a commitment towards building a better working environment with the help of enhanced trust and confidence in business, sustainable growth, development of existing talent and greater collaboration. As per Ernst & Young Australia’s transparency report the firm had reported revenue of $1.48 billion in the Fiscal year 2016 whereas its previous year’s revenue was $1.28 billion.
#4 – Deloitte Australia
This accounting firm’s main objective is to make a purposeful impact and create a lasting difference. The firm keeping in mind the competition and to keep up with the competitors always invest in innovation, technology, and skilled employees along with growing through acquisitions and alliances. It has 700 partners and nearly 7000 employees and has its offices all over and in Papua New Guinea and Timor- Leste. It has reported record revenues of A$1.76 billion in the financial year2017.
#5 – BDO Melbourne
BDO Melbourne is another top accounting firm in Australia located in the heart of Melbourne. It has specialised personnel for Audit, Corporate Finance, Risk Advisory, Transfer Pricing, Business Restructuring, Business Services, and Tax to name a few. This accounting firm is known to provide comprehensive business and corporate advisory service for its clients.
#6 – Pitcher Partners
Pitcher Partners Melbourne is known as a top-notch accounting firm with 45 partners and more than 600 professional and support staff. They are specialized in providing services to family controlled and small public businesses as well as public sector organizations.
#7 – Grant Thornton Australia
This is one of the world’s leading accounting firms of independent assurance, tax, and advisory. Their services include audit, tax, financial advisory and consulting. This firm provides hands-on and pro-active advice on all aspects of the strategies for sustainable growth. They also help clients comply with rules and regulations for improving business strategies and internal processes.
#8 – DFK Australia New Zealand
It is a leading association of chartered accountants and business advisors. It is listed in BRW’s top 100 Accounting Firms. They provide different accounting services with the help of specialized staff who has a balance of diverse, extensive local and international accounting knowledge.
#9 – UHY Haines Norton
This is a Sydney based accounting, taxation and consulting firm with a huge network of national and international resources. This is an association of independent accounting and consulting firm which has nine offices in Australia and New Zealand. This firm provides tailored commercial and innovative solutions to the client’s financial challenges.
#10 – Brentnalls
This accounting firm has a team of eight partners, 4 principals, and over 60 dedicated staff which has increased over the years. They provide a wide range of accounting services like Accounting, Tax, Agribusiness, Business Consulting and Advisory, Financial Advice, and Wealth Creation etc.
We hope you liked this guide to top 10 Accounting Firms in Australia. Here we discuss the overview of Best Accounting Firms in Australia along with its structure and industry dynamics. If you are looking forward to making a career in Accounting, then you can check out some of the awesome resources –