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
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,’
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.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
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