Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: form 3cd :: cpt :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT Audit :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT RATES :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

PwC aims to treble its fees
August, 04th 2009

PricewaterhouseCoopers (PwC), the UKs largest professional services firm, plans to treble its fees from management consulting to more than 1.3 billion within the next four years and hire 2,000 staff, including more than 100 partners.

Three of the Big Four accounting firms Ernst & Young, KPMG and PwC sold their consultancy arms at the start of the decade after their growth led to clashes over business strategy. The Enron scandal also aroused concerns over conflicts of interest. Only Deloitte kept its consulting practice.

However, the big accountancy firms have been rebuilding their consulting arms and want to capture some of the market from strategy advisers, such as McKinsey, and providers of technology-oriented and outsourcing projects, such as Accenture and IBM.

PwC is counting on aggressive growth in its consulting practice to help it to keep its lead as the UKs biggest professional services provider.

Deloitte, its closest rival, yesterday reported a 2 per cent drop in revenue to 1.97 billion for the year to May 31. Auditing and consulting fees rose but its tax practice income fell 7 per cent and corporate finance dropped by 9 per cent. Partners profits dipped 7.5 per cent to an average of 883,000.

John Connolly, Deloittes senior partner, said: Overall performance was satisfactory in extremely tough markets. Looking forward, we anticipate only a fragile and slow recovery.

At PwC, Ashley Unwin, the head of UK consulting, said his firm had set growth in management consulting as its primary target in the UK over the next four years, with revenues seen trebling from 450 million in the year to June 30. He plans to recruit 2,000 staff to the division, including nearly 200 graduates by September next year, and more than 100 partners.

Although the accounting firms still derive most of their fees from traditional auditing and tax work, there is little room to grow in those practices.

PwC lost Rentokil Initial last week as an auditing client after it struck a deal with KPMG to perform both its internal and external auditing at a saving of about 1 million. Although the arrangement raised questions over whether it infringed rules designed to preserve auditors independence, KPMG is understood to be in talks with other companies over similar moves. However, Oliver Tant, UK head of auditing at KPMG, said that, even in a recession, most companies were unlikely to change auditors.

The Management Consultancies Association said the industry generated 9 billion in revenue last year, and employed 55,000 people. The market is predicted to shrink next year by about 5 per cent as companies spend less on capital-intensive projects.

Financial services groups are expected to be a source of income as big banks and insurance companies seek advice on reshaping themselves as they emerge from the recession.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions