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The head of PricewaterhouseCoopers in the UK has launched a spirited defense of the "big four" accounting firms, amid calls for more competition to be injected into the auditing market.
Ian Powell, chairman and senior partner, rejected claims the firms are anti-competitive, insisting they dominated the sector because of major investment in recent years.
PwC is facing probes from regulators in the UK and Europe alongside rivals Ernst & Young, Deloitte and KPMG.
"The auditing market is ferociously competitive and we reject any claim that suggests otherwise," Mr Powell said. "We work on behalf of some of the most sophisticated clients in the world – who are required to approve our appointment each and every year."
In July, the big four lashed out against the prospect of a Competition Commission investigation in the UK, claiming the plan is unnecessary and potentially damaging to London.
Regulators hope to rein back the power of the firms who audit the accounts of 99 of the companies in the FTSE 100.
Mr Powell's comments come as PwC today releases its full year results, with pre-tax profits of £667m in the year to June 30, up marginally from £665m last year. The company paid an average of £763,000 to each of its partners, compared to £759,000 previously.
PwC saw turnover rise 6pc to £2.46bn, with revenues in its assurance division hitting £909m and £907m in its advisory unit.
Mr Powell said the company would remain on the look out for suitable acquisitions and would bolster staff numbers further, having recruited 3,200 employees across the business last year.
"I am pleased to report turnover growth of 6pc, a strong performance in a period of volatile financial markets, fragile economic confidence and the tightening of public expenditure.
The results compare favorably to close rival Deloitte, which cut partners' pay by 13pc last month after full year profits dipped 6pc to £510m in the year to the end of May.
Source: Telegraph
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