Consulting Surpasses Auditing: Shift in the Greek Accounting Sector

A significant shift is underway in Greece’s accounting and auditing sector, as revealed by the latest annual report from the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) for the 2023/2024 period.

For the first time, the country's ten largest audit networks earned significantly more from consulting services than from traditional auditing,

In 2023, total revenues across the top ten networks reached €662 million. Of that, only €218 million came from statutory audit services, while a substantial €444 million—roughly two-thirds of total income—was generated through consulting and other non-audit offerings. This marks a decisive pivot away from auditing, which, despite being the sector’s foundational activity, now accounts for just 33% of revenue.

This evolution reflects a broader trend seen in other global markets, where the boundaries between audit and advisory services continue to blur. The increasing complexity of regulatory frameworks, corporate governance, and digital transformation has driven demand for strategic consulting, positioning these services as the primary growth engine for traditional audit firms.

Despite this shift, statutory audits in Greece still showed positive momentum. The audit revenue of the top ten firms rose by 14% year-on-year, from €191 million in 2022 to €218 million in 2023. Deloitte led in audit-specific revenue, posting €40.6 million—a 21% increase from the previous year. PwC followed with €38.1 million, while the Greek firm SOL reached €36 million. Ernst & Young (EY) and Grant

Thornton also reported strong performances, with €35 million and €25.9 million in audit revenue respectively, each recording double-digit annual growth. KPMG generated €18.7 million in audit turnover, followed by smaller players like PKF (€8.77 million), BDO (€5.18 million), Moore Stephens (€5 million), and Mazars (€4.13 million).

The productivity of these firms also varied significantly. Among the Big Four, Deloitte achieved the highest revenue per employee, at approximately €112,400, followed by KPMG (€107,500), EY (€106,700), and PwC (€96,400). In total, the Big Four employed 1,259 people in Greece in 2023.

When including non-audit services, EY maintained its lead as the highest-grossing firm overall. It recorded €172.7 million in total revenue for 2023, a 30% jump from the previous year. Deloitte followed closely with €157.7 million, reflecting a 25% rise, while PwC reported €142.9 million in total income, up 17%. KPMG also posted impressive growth of 30%, reaching €57.8 million, and Grant Thornton expanded its revenue by 16% to €58.1 million. SOL showed more modest growth, with revenue increasing by 6% to €41.4 million.

Among the smaller audit networks, Mazars stood out with the fastest growth rate—up 33% to €7.25 million. PKF also expanded significantly, by 24% to €9.9 million, while BDO increased its turnover by 17% to €7 million. Moore Stephens remained relatively flat, with a 5% rise to €6.8 million.

These figures paint a clear picture of a Greek auditing sector in transition. While auditing remains essential to the profession’s institutional identity, consulting services have become the primary revenue driver.