Following the release of its revenues for the 2016 financial year, PwC has lost its spot as the biggest accountancy firm in the world to Deloitte.
This is despite PwC seeing its revenues rise by 7 per cent – up to a record $35.9bn now – in the last year, and means that Deloitte regains the top spot after spending just one year behind PwC. Big Four rival Deloitte posted record revenues this year, taking $36.8bn.
In the year to the end of June, PwC’s assurance business grew 6 per cent to $15.3bn, the largest source of business for the firm. Meanwhile, its advisory arm grew 8 per cent to $11.5bn, and tax business revenues increased 7 per cent to $9.1bn.
Bob Moritz, chairman of PwC global, said: “To secure future growth, we are investing heavily in technology to enhance the quality and impact of our services and make the best use of the skills of our people.
“The world is changing rapidly and we are planning the services our clients, capital markets and other stakeholders will need tomorrow, as well as serving their needs today.
“Whether it’s the tax and audit services of the future, blockchain or augmented reality, we are implementing a strategy to meet the long-term needs of our stakeholders and the career aspirations of our people.”
There are currently more than 223,000 PwC employees worldwide, after a 7 per cent increase in the last year. An impressive 26,780 graduates joined the firm, of which more than 50 per cent were female.