PwC firms around the world reported record revenue of $53.1bn (£43.4bn), up from $50.3bn (£41.1bn), putting the network into second position after Deloitte.

The strongest service lines were consulting and audit, both registering double digit growth, while investment in audit technology and artificial intelligence remained critically important.

The advisory and consulting business grew by 13% to $22.6bn, accounting for the largest revenue share. PwC said that ‘much of the growth has been driven by clients’ focus on the need to digitally transform their business models’.

‘While challenging economic conditions continued to result in generally slow deal activity in a number of key markets around the world, our work to advise on and support our clients’ mergers, acquisitions and disposals remained relatively strong throughout the year. In addition, our work to support corporate reorganisations or distressed enterprises also expanded.’

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