Korea's top 4 accounting firms add startup, security advisory services

[Source: each company]

South Korea’s top four accounting firms have added new businesses such as startup advisory and security services to their portfolios for future growth as competition in the traditional accounting and audit market is intensifying with smaller players under the country’s revised regulations.

The country’s top four accounting firms – Samil, Samjong, Hanyoung and Anjin – have recently created a new line of financial services ranging from advisory service on business inheritance to cyber security and startup incubation.

Industry’s No. 1 Samil PwC has set up a new team this year for assisting small and medium-sized enterprises with their strategy of operating and passing down a business. The new team also provides business management consulting services to unicorn companies or startups with a valuation of $1 billion or higher.

The company offers a comprehensive consulting service in areas from business value creation to growth strategy and risk management, explained a Samil PwC official.

Deloitte Anjin has an independent team established for cyber risk consulting services. It has expanded its cyber security specialists, including white hat hackers, by 17 percent this year.

EY Hanyoung has added a team for consulting services on eco-friendly and responsible management, better known as ESG (environmental, social, and corporate governance).

KPMG Samjong recently launched “M&A Center,” a division comprised of 32 M&A specialists for assisting clients with exploring M&A opportunities and making deals.

The advance of the country’s top four accounting firms’ inroads into new business areas has picked up speed as the revision in the country’s auditing law has forced them to share the corporate auditing service that they had dominated with other smaller players.

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