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 clients.
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 20%.
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%.