Auditors: Pay of PwC partners is back at pre-crisis levels
(Guardian (UK) Via Acquire Media NewsEdge) The pay of partners at PwC, one of the UK's leading advisory firms, has returned to pre-banking crisis levels with the average profit per partner rising to pounds 705,0000 in this financial year.
The 4% rise in the profits for partners in the year to the end of June came during a period when the Competition Commission was investigating the audit profession and the industry faced scrutiny about its tax planning services.
In July, the commission stepped back from forcing companies to change their auditors very five years. Instead they must put the contracts out for tender, but can reappoint the same firm.
Ian Powell, chairman of PwC, insisted the firm did not decide government tax policy. But he said simplifying the tax regime would "help the tax system to run more smoothly". He said the firm was forecasting UK GDP growth of 1.3% this year followed by 2.3% in 2014.
Powell said PwC was not making enough progress in promoting women, who made up 16% of recent promotions to partner. PwC's assurance practice, which includes audit, reported a 1% rise in revenue to pounds 696m, while its tax advisory division rose 3% to pounds 680m. Total revenue was pounds 2.6bn, up 3%. Jill Treanor
(c) 2013 Guardian Newspapers Limited.
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