PwC to resist non-audit restrictions
Kieran Poynter, UK senior partner at PricewaterhouseCoopers, says the firm will resist any attempts by regulators to restrict its ability to sell tax services.
Poynter, in an interview with the Financial Times, said his firm would think long and hard before taking on audit clients that would not require any other services.
‘If somebody came to us and said: “We would like to you to tender for our audit on the basis you will do nothing else for us as a matter of principle”, then we would think long and hard before we would be prepared to pitch for that work,’ Poynter said.
He said PwC was most at risk due to the economic slowdown and regulatory changes as the firm has the greatest number of FTSE 100 audit clients of all the Big Four.
PwC has seen its income from tax work fall by up to 10% between 2002 and 2003, partly do to a slump in corporate finance deals, which involve tax work.