PwC has increased annual global revenues
by 10% to $29.2bn to reclaim its position from Deloitte as the
largest accounting network. In doing so, PwC has become the
first accounting network to break through the $29bn mark.

Strong growth of 20% in advisory services,
coupled with a solid 7% increase in audit and 8% growth in tax
helped the network leapfrog Deloitte, which reported 8% growth to
$28.8bn last month.

“At PwC our goal is clear. We want to be the leading
professional services network in the world, measured not just by
revenues, but by the quality of our work, the talent of our people
and the strength of our brand,” commented Dennis Nally, PwC
International chairman.

Nally said PwC’s advisory growth of 20%
to $7.5 billion was due to a strong demand in consulting,
particularly in the US, and a series of strategic advisory
acquisitions around the world.

Statutory audit services, which comprises
40% of PwC’s revenues, increased to $14.1bn. This
makes PwC comfortably the largest audit network. PwC said
two thirds of its non-audit services are provided to non-audit

Geographically, PwC reported increases in
revenue in all of its regions with Asia rising by 14%, Australasia
up 38% and the Middle East and Africa increasing by

PwC firms in North America
increased revenues by 10% while firms in Latin
America grew revenues by 23%.
Growth in Western Europe
was 4% and Central and Eastern Europe increased
by 7%.

PwC 2011 annual review