As an uncertain outlook for economic recovery prevails, accountancy firms remain cautious, despite pockets of strong growth and glimpses of optimism over the next 12 months.

Accountancy's latest survey of the top 25 global networks and associations shows a mixed bag of fortunes, as a combination of tough trading conditions, intense competition across bread and butter audit and tax business lines and the prospect of yet further regulatory reform puts the brakes on any hope of a significant upturn in revenues in the near future.