PricewaterhouseCoopers Asia

ABOUT THIS COMPANY:

As big as its name

PricewaterhouseCoopers International Limited (PwC) formed in 1998 when then-Big Six firms Price Waterhouse and Coopers & Lybrand merged, creating the world's largest accountancy network. By 2002, after the dissolution of former competitor Arthur Andersen, the Big Five were down to the Big Four, and PwC sold its IT consulting operations, which had accounted for nearly 40 percent of the network's revenue, to IBM. Despite the downscaling, PwC has held its own among the Big Four.

PwC is structured as a network of member firms, all connected under one umbrella.  Each member firm operates locally in its home country and region, but there’s plenty of inter-network collaboration and cooperation, too.  The menu of services offered at each firm varies from country to country, but the typical PwC business lines include industry-focused assurance, tax and advisory services. 

The firm’s independent-but-connected structure has helped it build a robust international network of professional service practices.  In most countries, the right to practice accountancy is only granted to national firms owned or controlled by local professional staff.  Advisory and consulting services have been increasingly important to PricewaterhouseCoopers, whose member firms provide crisis management, performance improvement consulting, human resources solutions, business recovery, capital markets support and sustainable business solutions.

Newly clustered

PwC firms are comprised of over 155,000 people in 153 countries, including more than 34,000 partners and employees in the Asia Pacific region. Following an October 2008 restructuring into three geographic areas, the "East Cluster" now includes Hong Kong, China, Singapore, Southeast Asia, Australia, New Zealand, Japan, Korea, and the South Pacific countries. Meanwhile, South Asia (India, Pakistan and Sri Lanka) fall into the firm's "Central Cluster" along with Europe, the Middle East and Africa.

In fiscal 2007-08 (ending June 2008), PwC audited 19 of the firms on the S&P Asia 50, while globally, PwC firms provided significant audit and advisory services for 30 percent of the Fortune Global 500. Asia, Australasia and the Pacific Islands brought in nearly US$4 billion in revenues for the firm in fiscal 2007-08, an approximately 25 percent increase for those regions compared to the previous year.