PwC Sees Revenues Stall, Issues 'Showcase' Report
PricewaterhouseCoopers reported a 4% decline in global revenues to $18.9 billion for the fiscal year ended June 30, 2002. Excluding PwC Consulting and discontinued operations, revenue would have risen 1% to $13.8 billion.
The breakdown by line of service shows a 1% increase in assurance and business advisory services to $7.99 billion, a 2% increase in revenues from tax and legal services to $4.18 billion, and a 2% increase in revenue from corporate finance and recovery services to $1.2 billion.
Geographically, revenue growth was down 4% in North America, while revenues were up 6% in the Europe/Middle East/Africa region.
PwC's Non-Financial Information
In addition to reporting its revenues, PwC also released some unusual non-financial information in a showcase report.
The report is intended as a way to open the privately-held network to greater outside scrutiny. "I hope we can open a conversation with our stakeholders," says PwC CEO Samuel A. DiPiazza, Jr., "to provide a snapshot of our organization and to showcase the quality and integrity of our people." Toward that end, it describes quality control processes at PwC, including performance standards for employees, quality standards for clients, auditor independence measures, a global ethics and business conduct program, partner and staff turnover, and training.
The report pegs PwC's turnover rate among client service staff as somewhere in the range of 20-25%. It also includes the results of a staff morale survey, showing the firm got high grades for ethics and integrity while identifying areas for improvement. The latter include such areas as work/life balance and levels of compensation and recognition for good work, along with the credibility of its commitments to becoming the best place to work and to coaching, development and overall learning.
PwC firms employ approximately 125,000 people working in 142 countries.