PwC partners expect 19% profit share increase amid booming advisory market

Partners at PwC are set to take home a record profit share following a strong pandemic performance by the Big Four accountancy firm.

Partners at the firm have been told they can expect to receive average pay per partner for the year to 30 June of £818,000, up 19% from the previous year, Sky News reported.

The firm’s partners were also told they would receive an additional average £50,000 payout from the sale of its technology business and other smaller disposals.

READ PwC sells fintech unit amid Big Four regulatory scrutiny

This would take average partner pay to £868,000, the largest payout in the history of the firm.

A spokesperson for the firm said: “Our results are yet to be finalised and will be published in the next month or two.”

The bumper results come in a period of intense scrutiny of the audit sector which faces a major overhaul under proposed government legislation aimed at avoiding another corporate collapse.

PwC sold its fintech business Ebam in November in a management buyout backed by private equity firms Souter Investments and Manfield Partners.

The deal was driven by regulatory conflicts with PwC’s audit practice which limited which companies the fintech could sell its technology to.

READ Audit regulator doubles lawyer staff in bid to ‘speed up’ City investigations

The Mail on Sunday reported that the Financial Reporting Council, the UK’s audit regulator, is set to release a damning report on audit quality among leading accounting firms as soon as this week, with nearly a third of company audits it examined not passing its quality test.

Kevin Ellis, PwC’s UK chairman and senior partner, told Sky News this weekend: “After a challenging first half of the year, we’ve experienced really good growth across our business, and it’s come from private sector demand for deals, financing, digitisation and supply chain transformation services.

“This growth has funded record staff bonuses and further investment in our people, from health and wellbeing to digital skills training and job creation. Supporting employment and skills across the UK will continue to be a top priority.”

To contact the author of this story with feedback or news, email James Booth

Most Related Links :
editorpen Governmental News Finance News

Source link

Back to top button