THE ‘biggest accounting firm in the world’ title has been regained by PwC, ousting Deloitte after posting double-digit growth in 2014/15.
Global revenues climbed by 10% to $35.4bn (£23.4bn) for the y/e 30 June 2015. Two weeks ago Deloitte posted revenues up 7.6% to $35.2bn.
Advisory services drove PwC’s growth, up 18% to $11.2bn, while assurance and tax grew 6.2% and 7.1% respectively. The firm flagged up the intense competiiton in the European audit arena driven by new tendering and rotation rules.
North America and Caribbean climbed 11.6% to $14bn, up 10.5%. Western Europe grew 8.2%.
Global headcount grew 6% to more than 208,000 people, including 24,600 graduates. The firm acquired strategy house Booz & Co in April 2014, and sit within its Strategy& brand – employing 3,000 consulting professionals.
“Our strongest growth for eight years is a result of the significant investment we have made in recruiting the best people, enhancing the quality of our services and building new product offerings such as data analytics,” Dennis Nally, chairman of PwC International.
“We have also continued to make key strategic acquisitions to complement and expand our core business.”
Richard Kateley of Legal & General discusses the advantages of close cooperation between accountants and financial advisers
The Practitioner becomes frustrated with HMRC's approach to a client's VAT investigation
The firm has made key appointments to its executive team, including a new chief financial officer, and a sales and marketing director
Partners at the insolvency firm Craig Povey and Kevin Murphy were appointed liquidators on 2 February