Global revenue hit $50.4bn (£44.7bn) for year ending June 2022, with an 11.4% increase in annual fee income from $45.1bn, following a rebound in the last quarter of 2021 after the pandemic. Ranked second in terms of global earnings, with Deloitte the largest global network with $59.3bn in revenue.

Revenues from the audit and assurance business grew by 7.6% to $18bn (FY21: $17.1bn). PwC said that ‘audit remains the cornerstone of our brand and the key driver for growth in our assurance business’.

The audit business continued to grow over the last year as the firm responded to various pressures including auditor rotation, regulation and intensifying competition. There was also increased demand for assurance over a range of non-financial information such as ESG disclosure, an area which is expected to grow in the future. The firm is also investing $1bn in a multi-year programme to deliver a new audit system which will be available globally.