PwC leapfrogs Deloitte as global networks boost revenues
Fee revenue growth rate increases, as emerging markets continue to bolster international networks
CONTINUED FORAYS into emerging markets have helped boost international accounting networks and alliances, with PwC again the top of the pile.
Fee revenues in the Accountancy Age Top 35 international networks, associations and alliances climbed 8% to nearly $160bn (£103bn), from $149bn.
PwC’s revenues grew to $29.2bn for the year ending 30 June 2011, a 10% increase from the previous year. Deloitte grew 8% to $28.8bn.
Mongolia and Iraq are among the regions entered by some of the big firms during the past year.
The fee revenues of nine mid-tier firms would be required to match one of the Big Four firms. The Big Four dominated proceedings, representing two-thirds of all revenues.
Baker Tilly International CEO Geoff Barnes said that some firms outside the Big Four have strong enough links to be able to support the biggest firms through joint audit.
Changes to the way in which audit is undertaken in Europe, with the EU looking to open up competition in the market, is being watched closely by other jurisdictions, said Frank Arford, CEO of Crowe Horwath International.
“For example, in several South American countries there are also proposals emerging for the mandatory rotation of audit firms,” said Arford.
View the survey results here: Networks survey 2012
