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ERNST & YOUNG RANKED AMERICA'S TOP ACCOUNTING FIRM IN TROUBLED YEAR

ERNST & YOUNG RANKED AMERICA'S TOP ACCOUNTING FIRM IN TROUBLED YEAR
 ATLANTA, July 20 /PRNewswire/ -- Revenue has fallen at nearly one- fourth of the nation's top accounting firms over the past year, according to Public Accounting Report's 1992 Survey of America's Top 100 Public Accounting Firms.
 The authoritative survey found that the last year has been as especially difficult one for the public accounting profession, with another 20 percent of America's largest firms failing to achieve an annual growth rate equal to the rate of inflation.
 Annual growth among Big Six firms averaged only 3.5 percent. Price Waterhouse led with 8.3 percent growth in net revenue.
 The PAR Top 100 survey ranked Arthur Andersen, when revenue from its consulting division (Andersen Consulting) is included, as the nation's largest firm, but found Ernst & Young's public accounting practice is the clear leader. The Big Six firm generated $1.7 billion in revenue from audit, accounting and tax work, outpacing its closest rivals by more than $150 million.
 Among Second Tier (non-Big Six national firms), Chicago-based Grant Thornton ranked first in total net revenue with $206 million, however Kenneth Leventhal of Los Angeles is the growth leader with a 9.7 percent rate.
 Among non-national firms with $40 million of revenue or more, Baird, Kurtz & Dobson of Springfield, Mo., was the largest with $57.3 million. Altschuler, Melvoin and Glasser of Chicago topped the category in revenue growth with an impressive 21.2 percent, whereas the group averaged 8.7 percent.
 Firms with net revenue in the $20 million to $40 million range were led by New York's Goldstein, Golub, Kessler & Co. at $29.9 million in annual revenue. The growth leader in this category was Larson, Allen, Weishair & Co. of Minneapolis with an extraordinary 26.3 percent rate, vs. a 7.2 percent average rate for the group.
 These are among the many findings in Public Accounting Report's latest annual survey. The full rankings, including a detailed data profile on each firm, were published in the newsletter's July 15 issue.
 Public Accounting Report is the oldest and most widely circulated newsletter of the public accounting profession. It is published by Strafford Publications, Inc., 1201 Peachtree St., N.E., Suite 1150, Atlanta, GA 30361.
 -0- 7/20/92
 /CONTACT: Mark Carr, editor for the Public Accounting Report, 404-881-1141/ CO: Ernst & Young ST: Georgia IN: SU:


BR-BN -- AT001 -- 0552 07/20/92 08:07 EDT
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Date:Jul 20, 1992
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