Not even a month after talks were announced, two of Canada’s largest accounting firms have called off their merger talks.

Grant Thornton LLP and BDO Dunwoody LLP, Canada's No. 5 and No. 6 accounting firms, issue a brief joint news releases saying that they had discontinued merger discussions.

“No specific reason led to the decision to cease discussions,” the firms said. “However, both firms recognized that despite the potential of the union, a merger of this nature also presented significant challenges … Despite best efforts the two firms were unable to overcome the challenges, and therefore were unable to complete the process to the satisfaction of all involved.”

When the firms announced talk of a potential merger in April, the chief executives said they were excited about the prospect of being a clear alternative to the Big Four audit firms.

The firms are both members of the Grant Thornton International and BDO International networks.

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