Behind the Rise of Singapore Audit Firms An Analysis of Industry Rankings

The Rise and Ranking of Singapore Audit Firms Exploring Their Role in the Global Financial Landscape

In the global financial landscape, Singapore has always been a force to be reckoned with. As one of the world's key financial centers, Singapore not only attracts a large number of multinational corporations to set up regional headquarters, but has also nurtured a group of internationally competitive professional service firms, among which the audit industry stands out. In recent years, with continuous improvements in service quality, professional capabilities, and international expansion, local audit firms have steadily strengthened their position in the global audit market, gradually moving from behind the scenes to the forefront.

1. The Rise of Singapore’s Audit Industry

The development of Singapore’s audit industry is closely tied to the country’s broader economic transformation. Since the 1990s, Singapore has actively promoted the upgrading of its service sector, prioritizing high-end services such as finance, law, and accounting. Against this backdrop, a number of local accounting firms began to grow rapidly and gradually transformed into comprehensive professional service providers.

The Big Four international accounting firms-Deloitte, PwC, EY, and KPMG-entered the Singapore market as early as the 1980s, bringing with them advanced management concepts and technical tools. This bringing in strategy provided local audit firms with valuable opportunities to learn and adapt, accelerating their professionalization and standardization.

2. The Growth Path of Local Audit Firms

Although the Big Four dominate the Singapore market, in recent years, local audit firms such as BDO Singapore, RSM Singapore, and Crowe Singapore have been steadily closing the gap.

These firms have achieved rapid growth by focusing on niche markets, enhancing client service, and expanding overseas. Take BDO Singapore, for example. According to the 2025 International Accounting Bulletin's global accounting firm rankings, BDO Singapore has maintained double-digit revenue growth for three consecutive years in the Singapore market. This success is attributed to its deep expertise in SME audits, tax consulting, and risk management, as well as strong international network support from its parent company, BDO Global.

Meanwhile, RSM Singapore has built strong expertise in vertical sectors such as technology, healthcare, and real estate. According to its 2025 annual report, more than 60% of its clients are mid-sized companies, with a growing demand for cross-border mergers and acquisitions and compliance audits. This reflects the transformation of Singapore audit firms from traditional bookkeeping roles to higher-value service models.

3. Why Singapore Audit Firms Stand Out

First, Singapore boasts a robust legal system and a highly transparent business environment. According to the World Bank’s Doing Business report, Singapore consistently ranks at the top in indicators such as contract enforcement and investor protection. This institutional advantage provides a stable and predictable environment for businesses and helps audit firms build strong reputations.

Second, talent is a key driver behind the growth of Singapore’s audit industry. Singapore places great emphasis on cultivating accounting and financial professionals. Through collaboration between the Ministry of Education and industry associations, university curricula are aligned with industry needs. For example, the Institute of Certified Public Accountants of Singapore ICPAS partners with institutions like the National University of Singapore and Nanyang Technological University to offer professional certification programs, ensuring graduates are equipped with global perspectives and practical skills.

Third, digital transformation plays a critical role in enhancing the competitiveness of Singapore audit firms. More firms are adopting artificial intelligence, big data analytics, and blockchain technologies to improve audit efficiency and accuracy. For instance, KPMG Singapore launched an AI-based financial risk identification system in 2025, which has already been deployed in several major projects, significantly boosting client satisfaction.

4. The Current Global Ranking of Singapore Audit Firms

According to the latest 2025 global accounting firm rankings, three Singapore-based firms have entered the global top 50

BDO Singapore ranks 17th globally, with annual revenue exceeding S$320 million.

RSM Singapore ranks 35th, specializing in mid-sized clients and operating across multiple Southeast Asian countries.

Crowe Singapore ranks 43rd, standing out in sustainable development audits and ESG reporting.

While the Big Four still dominate in terms of market share, the rise of Singapore’s mid-sized audit firms is notable. In the post-pandemic era, as companies increasingly prioritize cost control and customized services, these firms have gained more market opportunities.

5. Future Outlook Stepping onto a Global Stage

Faced with profound changes in the global economic landscape, Singapore audit firms are actively pursuing diversified development strategies.

On one hand, they are expanding their presence in the ASEAN market, leveraging Singapore’s role as a regional hub to enter emerging markets such as Indonesia, Vietnam, and Malaysia. On the other hand, they are strengthening collaborations with peers in Europe and the U.S., participating in more international mergers and cross-border projects.

Moreover, as ESG Environmental, Social, and Governance issues gain increasing attention, audit firms are incorporating new services such as green auditing and carbon footprint tracking into their core offerings. For example, EY Singapore recently established a Sustainability and Climate Change Advisory division to help businesses meet global climate disclosure requirements.

Looking ahead, with strong policy support, technological innovation, and evolving market demand, the Singapore audit industry is poised for even greater growth. Those firms that embrace innovation and effectively leverage resources will undoubtedly carve out a significant place in the future global competitive landscape.