Accounting Firms Ranking in Singapore

Singapore is a global financial and business hub, with a highly developed and competitive accounting industry. Accounting firms in Singapore not only serve local businesses but also provide professional services to the wider Asian and global markets. Therefore, the ranking of accounting firms in Singapore is typically measured by their global recognition, local market strength, service range, client base, and the specific services they offer.

The "Big Four" accounting firms—Deloitte, PwC, EY, and KPMG—dominate the market in Singapore. In addition to these global giants, many international accounting firms and some regional and local firms also hold a significant share in the Singaporean market. Here, we will explore the ranking of accounting firms in Singapore in detail, analyze the strengths of the Big Four, and briefly mention other firms with notable influence.

I. Market Influence of the Big Four Firms

In Singapore, the Big Four firms occupy the largest market share and have a clear advantage in terms of their global business networks and local market presence. These firms offer a wide range of services, from traditional auditing to tax consulting, risk management, financial advisory, and other corporate services, meeting the diverse needs of their clients.

1. Deloitte

Deloitte is one of the largest professional service networks globally, with business offerings that include auditing, tax, consulting, financial advisory, and risk management. Deloitte has a strong presence in Singapore, especially in financial consulting and auditing. The firm serves not only large multinational corporations but also actively collaborates with local businesses to provide tailored solutions.

One of Deloitte's key advantages in Singapore is its deep industry knowledge and extensive experience, particularly in sectors like finance, technology, energy, and utilities. As a global leader in financial services, Deloitte has established a strong reputation and market share in Singapore. Additionally, the firm places a strong emphasis on innovation, leveraging big data, artificial intelligence, and other emerging technologies to enhance the quality and efficiency of its services, which has earned it widespread recognition among clients in Singapore.

2. PwC

PricewaterhouseCoopers (PwC) is another globally influential accounting firm that provides a full range of services, including auditing, tax, consulting, and advisory services. PwC's business in Singapore is extensive, covering a wide array of industries, such as finance, manufacturing, healthcare, technology, and real estate. PwC has consistently ranked among the top firms in Singapore, especially excelling in auditing and financial consulting.

The firm's success can be attributed to its powerful global network and localized service strategy. PwC not only possesses deep local knowledge but also draws on its global resources and expertise to help clients navigate complex cross-border business challenges. As a global leader in financial management, PwC stands out in Singapore for its comprehensive solutions and superior client management.

3. EY (Ernst & Young)

EY (Ernst & Young) is another major player in the global and Singaporean market, focusing on services like auditing, tax, transaction consulting, and corporate finance. EY has a high market share in Singapore, particularly excelling in tax services and auditing. The firm is committed to providing efficient solutions through its deep industry experience and technological innovations, earning a strong reputation in Singapore.

EY places great emphasis on fostering a positive corporate culture, advocating for innovative thinking and a diverse work environment. Furthermore, the firm’s strengths in the financial services and technology sectors enable it to provide precise solutions to a wide variety of businesses. As a trusted partner, EY is highly regarded by both local and international clients, particularly in the banking and financial services sectors.

4. KPMG

KPMG, as part of the Big Four, also holds a strong position in Singapore’s accounting market. The firm offers services across auditing, tax, consulting, and risk management. KPMG's business in Singapore is notably robust, particularly in industries such as finance, manufacturing, technology, and energy. KPMG has established itself as an essential player in the Singapore market through its comprehensive service offerings.

One of KPMG's key advantages lies in its ability to specialize in specific industries, particularly in consulting and risk management. By providing holistic solutions, the firm helps clients improve operational efficiency and minimize risks. KPMG’s blend of a global network with localized services enables it to hold a significant share of the market in Singapore.

II. Other Notable Accounting Firms in Singapore

Apart from the Big Four, there are several other accounting firms in Singapore that hold significant influence, particularly those originating from China. These firms may not be as globally recognized as the Big Four, but they are increasingly making a mark in Singapore, especially in serving Chinese businesses and Chinese-owned enterprises.

1. Lixin

Lixin is a well-known Chinese accounting firm with a strong presence in Singapore. The firm offers services in auditing, tax, and financial consulting, with a particular focus on serving Chinese enterprises expanding internationally. As economic ties between Singapore and China deepen, Lixin has gradually expanded its business in Singapore, becoming a trusted partner for many Chinese companies operating in the region.

2. Tianjian

Tianjian is another prominent Chinese accounting firm with operations in Singapore. Tianjian focuses primarily on auditing and financial consulting, with strong expertise in cross-border mergers and acquisitions as well as international strategies. Given its deep understanding of Chinese businesses, Tianjian has been able to serve a growing number of Chinese companies seeking to expand into Singapore and other Southeast Asian markets.

3. Rongcheng

Rongcheng is a respected Chinese accounting firm that has established a presence in Singapore. Rongcheng offers a variety of services, including auditing, tax, and consulting, with a focus on serving Chinese enterprises operating internationally. As more Chinese businesses expand into Singapore, Rongcheng’s market share has grown, and it is increasingly recognized as a reliable partner for these companies.

4. Sinyongzhonhe

Sinyongzhonhe, with its long history, is another Chinese accounting firm operating in Singapore. The firm provides auditing, tax, and corporate consulting services, particularly to Chinese enterprises and multinational corporations. Sinyongzhonhe’s deep understanding of Chinese corporate culture and its extensive experience in international business make it a popular choice among Chinese businesses in Singapore.

5. DTT

Deloitte Touche Tohmatsu (DTT) is a well-established Chinese accounting firm with a presence in Singapore. DTT provides services in auditing, tax, and management consulting, with a strong focus on offering solutions to Chinese companies in Singapore. DTT has a reputation for high-quality service, with its client base primarily composed of Chinese enterprises and multinational corporations.

6. Tianzhi International

Tianzhi International is another Chinese accounting firm operating in Singapore, providing auditing, tax, financial consulting, and corporate strategy services. Tianzhi International has gradually gained recognition in the Singaporean market, particularly among Chinese companies seeking professional support for cross-border operations. The firm's solid expertise in international business makes it a trusted advisor to many Chinese enterprises.

III. Market Changes and Future Trends

The accounting industry in Singapore is highly competitive, with the Big Four firms still holding a dominant position. However, the emergence of other local and international firms has gradually shifted the market landscape. As globalization and digitalization continue to advance, more emerging industries and companies are seeking professional accounting and financial consulting services, injecting new vitality into the market.

In the future, the application of emerging technologies such as artificial intelligence, big data, and blockchain will further drive the transformation of the accounting industry. These new technologies will enable firms to offer more efficient and precise services. Additionally, with the continued integration of the Singapore and China economies, the growing number of Chinese businesses in Singapore will provide further development opportunities for Chinese accounting firms.

In conclusion, the ranking and influence of accounting firms in Singapore are influenced by multiple factors, both globally and locally. The Big Four continue to dominate the market, but other local and international firms are carving out their own space. Moving forward, both the Big Four and emerging accounting firms will play crucial roles in the dynamic accounting landscape of Singapore.