The Big Four firms announced 2006 results ranging from
9.6% to 11.5% growth worldwide. Combined, Big Four revenues totaled
$77.3 billion.
Twenty-two midsize firms joined a new alliance called Baker Tilly USA (a new branch of network Baker Tilly International) in an effort to compete with larger firms for U.S. audit business.
Meanwhile, China announced plans to develop its own international
accounting firms. The policy statement by the Chinese Institute of
Certified Public Accountants (CICPA), which was first reported by the
Financial Times in October, says that in the next five to
10 years China should develop 10 accountancy firms capable of
operating internationally. The firms would audit foreign operations of
Chinese companies that are currently being audited by Big Four firms.
