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PWC brings in regulatory harvest

PWC brings in regulatory harvest

by Rick Turoczy on September 12, 2005

Accounting giant Price Waterhouse Coopers made an extra £100m in the UK last year as new accounting standards and Sarbanes-Oxley corporate governance rules increased the regulatory burden on companies.

The additional revenue accounted for the bulk of the increase in turnover from the firm’s audit practice, which rose from £732m to £861m. Including its tax and advisory businesses, PWC’s UK revenues rose 18pc to £1.78billion last year, with profits £64m higher at £469m.

Between them, Sarbanes-Oxley and international financial reporting standards (IFRS) had the effect of raising FTSE 100 audit fees by 22pc to a record £321m last year, according a survey released yesterday by Accountancy magazine. PWC audits 42 of the FTSE 100 companies.

Chris Quick, editor of Accountancy, said: “FTSE 100 companies have been hit by a triple audit whammy this year. First there are the complications of introducing IFRS. Secondly, many have been hit by the US Sarbanes-Oxley rules.

PWC brings in regulatory harvest

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