Accounting giant Price Waterhouse Coopers made an extra £100m in the UK last year as new accounting standards and Sarbanes-Oxley corporate governance rules increased the regulatory burden on companies.
The additional revenue accounted for the bulk of the increase in turnover from the firm's audit practice, which rose from £732m to £861m. Including its tax and advisory businesses, PWC's UK revenues rose 18pc to £1.78billion last year, with profits £64m higher at £469m.
Between them, Sarbanes-Oxley and international financial reporting standards (IFRS) had the effect of raising FTSE 100 audit fees by 22pc to a record £321m last year, according a survey released yesterday by Accountancy magazine. PWC audits 42 of the FTSE 100 companies.
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