Through the acquisition of American Appraisal Associates, in early 2015, Duff & Phelps killed two birds with one stone. On the one hand, the almost-centenary advisory firm became the largest provider of valuation services in the world. On the other hand, Duff & Phelps is now well positioned to take advantage of the reform of the European audit market, encroaching at the same time on the Big Four’s territory.