Grant Thornton has added Daejoo Accounting Corporation (DAC) to its network in South Korea, potentially making it the largest mid-tier network in South Korea.
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With this addition Grant Thornton adds 70 partners and 500 staff who generate around KRW 63,816m ($54.53m). The firm will trade as Grant Thornton Daejoo, and according to Grant Thornton International will open new offices in Busan, Changwon, Gwangju, Daegu and Chungju.
However the addition doesn’t include DAC international services division which transferred on 1 April to BDO new member firm in South Korea, E-Hyun Accounting Corporation and E-Hyun Tax Corporation (rebranded as BDO Korea).
With this new addition, Grant Thornton is expected to climb the ranking table to the top of the mid-tier ranking. According to IAB latest South Korea survey, Grant Thornton was ranked 15th with total fee income of KRW 6,592m in the year to 30 September 2014.
BDO was ranked 5th, with fee income of KRW 63,816m in the year to 31 March 2014. However BDO new member firm in South Korea only counts 10 partners and 5 senior advisors as opposed to the 70 partners of DAC, which suggests that BDO would fall at the bottom of the Top 10 ranking following these firm movements.