PwC earns record revenues, opposes market caps in UK

LONDON - PwC earned US$42.4 billion in global annual revenues with US$3 billion going into bolstering skills over the next two years, the"Big Four" accountant said on Tuesday as it faces closer regulatory scrutiny in Britain.

PwC and rivals EY, KPMG and Deloitte, dubbed the"Big Four" dominate auditing globally but are in the regulatory firing line in Britain. The sector is waiting to see how the British government will implement recommendations from the UK Competition and Markets Authority to shake up the audit market. Deloitte said this week it was looking at voluntary measures like temporary market share caps, and that it has raised these with the business ministry."We don't believe it's the right thing to do. It's anti-competitive," Moritz said.

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