For FY20, PwC recorded a revenue of AUD 2.6 billion. The headline revenue number remained unchanged from FY19. Big surprise was that Assurance service delivered a growth of 6% while Consulting and Financial Advisory were down 4% and 2% respectively.

The break-out of PwC’s revenues across the various service lines are as follows.

PwC had a 6% growth in their audit practice on a year-over-year basis for the last five years. However, the pandemic in 2020 led to a decline in non-audit revenues from non-audit clients. Non-audit revenues from non-audit clients fell 3% from AUD 1.94 billion to AUD 1.88 billion.

PwC retention rates increased across the board. Manager retention increased from 72% in FY19 to 79% in FY20. Senior Associates retention jumped from 67% to 77% while Associate retention jumped from 83% to 89%. Surely the pandemic increased retention! Consequently, Partner to Manager and Partner to Director ratio also improved.

PwC audits 40 of the 200 Companies in the ASX200 Index, a healthy 29% audit market share. Among companies in the ASX 200 Index, PwC leads other big4 firms in the financials, industrial, and real estate sectors. Refer to the earlier post on the distribution of ASX 200 clients among the other three big4 firms.

Top 25 PwC clients in the order of their market cap are as follows:

Check out the link if you want to read PwC Audit Transparency Report. We are starting a new blogpost to collect the salary data to help all current and prospective employees of accounting firms. So if interested, update the form and results will be published soon.

Do read into the our blog posts.