The term "Big 5 accounting firm" is a historical designation referencing the elite group of the five largest international professional services networks that dominated global auditing, tax, and corporate advisory services. Historically, this premier tier comprised Arthur Andersen, Coopers & Lybrand, Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers. However, following major corporate governance restructuring and the high-profile collapse of Arthur Andersen in the early 2000s, the industry contracted into the current "Big Four" configuration—consisting of Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Klynveld Peat Marwick Goerdeler (KPMG). These mega-firms continue to audit the vast majority of publicly traded multinational corporations globally while providing expansive management consulting, tax strategy, and risk advisory services.