Summary
The “New Equation” is the latest buzz word with it being mentioned exactly 30 times in PwC’s 2021 Global Review. In this year’s report PwC reported new information such as net income and taxation. Key items from the review:
- US$1bn of new investment specifically dedicated to the accelerated deployment of technology to drive audit quality
- As a result of the pandemic and remote nature of the work, disbursements and expenses recharged to clients were down 34% on the prior year
- For the first nine months of FY21 growth remained relatively flat. But as we neared the end of the year demand started to pick up, and in the final quarter revenues rose by 18% compared to the same period in FY20
- EMEA revenues grew by 2%. Biggest growth of 30% was witnessed in Turkey. APAC revenues grew by 6.2% with a strong performance of 6.2% from South Korea. Revenues in Americas were flat. The bright spot was Canada which grew by5%
- Assurance operations grew by 1.2%, Advisory operations grew by 3.1% and Tax services grew by 1.7%.
- Net income was 19.2%, a modest increase of 0.3% from FY20. The reduction in travel and lower entertaining costs was offset by higher staff costs.
- 21 of the largest firms are responsible for the generation of over 90% of the revenues.
- To create a flexible workplace that fosters an environment where mentoring and coaching happen in the course of daily work, assurance team created virtual audit rooms – digital hangouts – where team members and clients could come and go at the click of a button.
Key Metrics
