The number one firm's chief says that PricewaterhouseCoopers must become more agile if it wants to maintain its lead of the pack.

'If you're number one and you're not agile, you're a target,' Ian Powell said.

Powell, who takes over as senior partner tomorrow, described the auditing and accountancy profession as 'relatively conservative'.

'… and we've been a relatively conservative organisation. Now it's time for us to really start to use our position as market leader,' he said.

PwC dominates the UK audit as it conducts audits for two fifths of the FTSE 100 audits and also stays ahead of the Big Four with revenues of £2.1bn.

Powell told the FT that limiting liability was the key to helping newcomers develop and for alleviating the risk of a firm collapsing.

'That's the biggest protection that we could create for ourselves with our clients, to make sure that they do get their choice [of auditor] going forward,' he said.

The PwC head, who himself comes from an advisory background, said that he believed tax and advisory would form the new lines of revenue for PwC.

'We think that that is just going to be one of the biggest agenda items for CEOs and boards of companies going forward,' he said.

Further reading:

Will PwC's next ten years be as profitable?

Boyle brands PwC merger 'unfortunate'

Powell unveils management team