A ranking of the largest audit firms in Latvia has been compiled
The Top 10 market leaders have remained unchanged in recent years, although aggregate revenues have fluctuated: increasing by 31% in 2022 and 11% in 2023, followed by a 16% decline in 2024. The downturn was largely driven by a significant revenue decrease at one market leader during the 2024/2025 financial year, while the remaining market participants reported growth.
In the 2024/2025 financial year, the “Big Four” maintained their positions. Ernst & Young Baltic retained market leadership, followed by KPMG Baltic, Deloitte network firms, and PricewaterhouseCoopers.
Grant Thornton ranks fifth among the largest audit and financial advisory firms in Latvia
For many years, the top five has been consistently closed by Grant Thornton Baltic, part of one of the largest global audit networks.
The audit and advisory segment represents a specialised area within financial services, encompassing a broad range of services — statutory audit, transaction advisory, tax advisory, legal advisory, and accounting outsourcing. While audit firms typically provide these services, specialised consulting firms (non-audit firms) also deliver accounting outsourcing and financial and tax advisory services.
This market overview has been prepared based on publicly available financial data of industry participants. The analysis focuses on licensed audit firms, noting that some companies have separated advisory operations into sister entities (e.g., Grant Thornton, BDO, Deloitte).
Such entities are included in the analysis, as they effectively operate within an integrated service market. International networks may also include law firms; however, those have not been included in this audit and advisory market assessment due to the specificity of their core services.
Mid-Tier Firms Show the Fastest Growth
In 2024, double-digit revenue growth was recorded by international firms positioned immediately after the Big Four — Grant Thornton Baltic, BDO, and Nexia Audit Advice AS (10%+ growth). These firms demonstrated comparable growth in prior years as well, with growth rates reaching 15–20% in 2022.
Grant Thornton is one of the fastest-growing audit and financial advisory firms, with revenue increasing by 78%
Over the past five years, Grant Thornton Baltic has delivered one of the strongest growth performances, with revenue increasing by 78%, while consistently maintaining fifth place among Latvia’s largest audit and financial advisory firms.
By contrast, Big Four firms reported modest revenue growth of 0–3% in 2024, while Ernst & Young Baltic experienced a 48% revenue decline, returning approximately to its 2020 level. This decrease is partly attributable to the scaling down of previously developed shared service/export service centre operations, where service export revenues declined from approximately EUR 20 million to EUR 9 million.
Overall, the audit market in Latvia — as globally — remains highly concentrated among a small number of firms. Despite slower growth in recent years, the Big Four continue to dominate by revenue, each significantly larger than other market participants.
Although mid-sized firms have demonstrated the ability to compete effectively with the Big Four, the composition of market leaders in Latvia is unlikely to change in the foreseeable future, despite differing growth dynamics in recent years.
Table: Top Audit and Advisory Firms in Latvia, 2020–2024 (EUR)
Source: Companies’ annual reports. Financial periods have been aligned based on the start date of the reporting period (e.g., 2024). The table includes aggregated financial data for network firms providing audit and financial advisory services.
