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Reuter's report that Deloitte has become the world's top accountant (by revenue). Fee income in 2013 for the Big Four is reported as follows: $32.4 billion for Deloitte; $32 billion for PwC; $25.9 billion for EY; and $23.4 billion for KPMG. This report raises three issues worth noting. Firstly, Deloitte's lead as top firm (as measured by revenue) may be brief since PwC and Booz & Co are currently in merger talks. This would increase PwC's revenue by more than $1 billion. Secondly, the report conflates the ideas of "highest revenue" and "top accounting firm". While the Big Four do have the highest revenue figures and are thereby able to spend the most on marketing, there is no evidence to suggest that the big firms actually produce the highest quality audit work. Audits at the Big Four are primarily conducted by squadrons of junior business analysts fresh out of university, and it is entirely possible that mid-tier firms like BDO and Grant Thornton (mid-tier as measured by revenue) may actually produce higher quality audits. Thirdly, and most importantly for our purposes, the Reuter's report appears to gloss over the fact that firms like Deloitte and PwC are no longer mere accounting firms. The PwC merger with Booz & Co is a case in point, and less than half of PwC’s revenues now come from its assurance business. Consulting is one of PwC’s fastest growing operations.