Without an IFRS or Sarbox on the horizon to drive fee incomes in the near future, the boom times are over for the Big Four, PricewaterhouseCoopers chairman and senior UK partner Kieran Poynter warned this week.

As the firm revealed 11% growth in fee income for the year ending 30 June and broke the £2bn barrier for the first time since selling its consulting arm, Poynter warned that double-digit growth for the firm was unlikely to continue.

‘There are no special factors for this year,’ he said. ‘Clients have got through the initial period of applying Sarbox ­- the heavy lifting’s been done. I think the economy will be broadly similar, with growth perhaps tailing off in 2007.’

Poynter bullishly predicted that the firm’s competitors would not get close to PwC’s £2bn fee revenue figure, with Deloitte closest on £1.6bn. ‘I don’t know what the others will do, but I’m sure they won’t be catching up.’

The pessimism was echoed by leading Big Four figures. Deloitte senior partner and CEO John Connolly warned last month of much tougher markets in the year ahead. Over or not, the boom has brought PwC partners a bumper payout. Average profit per partner grew to £716,000 from £611,000, while Poynter earned £2.5m ­- a 20% leap on the previous year.