Jessica Fino 14 Sep 2017 04:41pm

Deloitte likely to remain world's largest firm, thanks to strong results

Deloitte is likely to retain its place as the world’s largest accountancy firm by revenue again this year after unveiling a record turnover of $38.8bn (£29bn)

The Big Four firm saw its annual global revenues to the end of May 2017 increase by 7.1% to $38.8bn, thanks to organic growth across all its business lines.

Deloitte took over the top spot as the biggest firm from PwC last year. Whether today’s results will be good enough to ensure Deloitte remains in first place this year will only be revealed when PwC announces its 2017 figures around the beginning of October.

Deloitte's risk advisory revenues grew by 12.9% this year, driven by acquisitions in the cyber sector and investment in robotic process automation, risk sensing and predictive analytics.

Meanwhile, consulting saw its revenues grow by 10.2% and tax and legal expanded by 6.6%.

Strong growth in China and the expansion of the Asia Pacific Financial Crime Network led to a 5.8% rise in financial advisory revenues, but audit and assurance only grew by 1% as a result of major capital investments.

Over the last year, Deloitte developed Magnia, its audit delivery platform, Illumnia, its analytics platform, and Cognia, a portal with tools and approaches that generate advancements in cloud, artificial intelligence and machine-learning.

The accountancy firm increased its workforce this year with 69,900 new hires, the equivalent of one person hired every 8 minutes, adding up to a total of 263,900 employees worldwide.

The majority of staff recruitment took place in the Asia Pacific regions, with staff growing by 10.4%, as well as in its consulting and risk advisory businesses, each growing 13%.

Punit Renjen, Deloitte’s global chief executive, said, “Deloitte’s revenue growth is attributable to two factors. First, our multi-disciplinary business model continues to be a source of competitive strength. Second, clients have choices and they are increasingly choosing Deloitte to help them navigate change and reinvent themselves in a constantly evolving global business environment.”