DTT International), to avoid use of names which would have been ambiguous, as well as contested, in certain markets. Big Five In July 1998, the Big Six became the Big Five when Price Waterhouse merged with Coopers & Lybrand to form PricewaterhouseCoopers. The Big Five at this point in time were: Arthur Andersen Deloitte & Touche Ernst & Young KPMG PricewaterhouseCoopers Big Four Finally, the insolvency of Arthur Andersen stemming from their involvement in the 2001 Enron Scandal produced the Big Four: Deloitte & Touche (now known as Deloitte) Ernst & Young (now known as EY) KPMG PricewaterhouseCoopers (now known as PwC) The Enron collapse and ensuing investigation prompted scrutiny of the company's financial reporting and its long time auditor, Arthur Andersen. The company was indicted for obstruction of justice for shredding documents related to the audit of Enron. The resulting conviction, although later overturned, doomed Arthur Andersen, because most clients dropped the firm, and the company was not allowed to take on new clients while they were under investigation. Most of Arthur Andersen’s international practices were sold to members of what is now the Big Four – notably EY globally; Deloitte in the United Kingdom, Canada, Spain, and Brazil; and PwC in China and Hong Kong. Big Four merger history The Big Four were all derived from a series of global mergers, the charts show year of formation through merger, or adoption of single brand name. Revenue comparison In 2010, Deloitte, with its 1.8% growth, was able to outpace PricewaterhouseCoopers' 1.5% growth, gaining "first place" in revenue size, and became the largest firm in the professional services industry. In 2011, PwC re-gained first place with 10% revenue growth. In 2013, these two firms claimed the top two spots with only a $200 million revenue difference, that is, within half a percent. However, Deloitte saw faster growth than PwC over the next few years (largely due to acquisitions) and reclaimed the title of largest of the Big Four in Fiscal Year 2016. It was estimated that the Big Four had about a 67% share of the global accountancy market in 2012, while most of the rest was divided among so called mid-tier players, such as BDO, Crowe Global and Grant Thornton. Revenue comparison charts Big Four Accounting Firm Revenues (US$ bn) Revenue gap to largest firm (%) Revenue gap to largest firm (US$ bn) Audit & Assurance Revenue (US$ bn)