PwC sees global revenues hit record high

PricewaterhouseCoopers has announced record 2005 global revenues of $20.3bn
(£11.5bn), with assurance, tax and advisory services all revealing significant
gains.

The 2005 global annual review reported on the overall performance of the
firms’ network for the year ended 30 June 2005, with global revenues up nearly
17% on the previous year.

Global CEO Samuel A DiPiazza Jr, said that 2005 was a year of ‘vibrant growth
and real achievement’. He said that PwC’s aggregate revenue rise was driven by
‘increased demand’ for its services, by ‘new regulatory requirements’ in a
number of major capital markets, by a ‘favourable global economic climate’ and
the continuing expansion of emerging economies in Asia and South America.

DiPiazza said: ‘It was a year in which we made significant progress in
improving quality, in realigning our businesses to reflect the new regulatory
landscape, and in implementing programmes around the world that make
PricewaterhouseCoopers an attractive organisation for launching and building a
career.’

In the review, DiPiazza gave his perspectives on the future priorities and
direction of the firms’ global network and on the pressing issues facing the
profession. He said new regulatory requirements, particularly in the US and
Europe, had led to ‘clear improvements’ in financial reporting and would help
prevent a recurrence of the recent spate of corporate scandals.

But while the new regulatory environment is helping to restore public trust
in the capital markets he added that the bar for audit quality ‘must be set
higher’ to create sustainable value for stakeholders.