45% of PwC's income derived from clients operating overseas
Forty-five per cent of the PricewaterhouseCoopers' income, over €6 million, is today derived from clients operating overseas, according to the firm's review for 2008. Fees billed during 2008 amounted to €15.4, an increase of 24 per cent over 2007...
Forty-five per cent of the PricewaterhouseCoopers' income, over €6 million, is today derived from clients operating overseas, according to the firm's review for 2008.
Fees billed during 2008 amounted to €15.4, an increase of 24 per cent over 2007 while fees for audit work amounted to €8.2 million, accounting for 53 per cent of total billings.
The review incorporates PWC's transparency report for 2008, which is a new requirement adopted by the European Union.
The EU's Statutory Audit Directive, adopted in 2006, and recently incorporated into Maltese law, obliges firms auditing public interest entities to publish an annual transparency report.
PricewaterhouseCoopers senior partner John Bonello said the Accountancy Profession Act prescribes a minimum content that the annual transparency report should cover but the firm had "chosen to go beyond this minimum content to enable a more complete understanding of the policies, values and independence of our practice."
He added: "We understand and applaud the requirement for more transparency to protect the public interest. I augur that in due course we will see this increased transparency extend to other sectors of our economy and society".
Mr Bonello said that the growth of PwC has been notable in particular since Malta's position in the European Union was consolidated. "In fact since 2003 we have doubled the size of our practice," he said.
During 2008, the maximum fees PwC earned from any one client or client group amounted to 2.4 per cent of the income of the firm. More than half of the firm's advisory and tax fees in 2008 were earned from clients with whom PWC has no statutory audit relationship.
The report highlights the fact that PwC is one of the largest employers on qualified professionals in Malta. In the past three years an average of 41 graduates were employed annually on a full time basis. As at December 31, 2008, the firm's partners and staff included 170 qualified accountants out of a total of 248 employees.
In 2008, 47 staff members gained overseas work experience in PwC firms in New York, London, Milan, Rome, Luxembourg, Jersey, Isle of Man, Nicosia, Dublin and Amsterdam through PwC's overseas secondment programme.
PwC's corporate social responsibility contributions in 2008 included expending €87,000 i time value on community services, undertaking pro-bono work with a time value of €40,000 on various charities and community organisations and cash donations of €25,000 to various worthy causes including cash collected by staff during office and social functions.
The report highlights that the advice being given by PwC to its clients concerned about the global economic situation is to focus on fundamental priorities.
"Cost cutting may be essential in a downturn. But it is not the only corrective measure needed; it must not destroy value and it must not demoralise the people that a business may be counting upon for the longer term.
"Our message will emphasise that the agenda to be pursued in a downturn goes much further than cost cutting. It must start by taking proper stock of where the key risks lie; followed by decisive action based on reliable financial information," the report says.
Fees billed during 2008 amounted to €15.4, an increase of 24 per cent over 2007 while fees for audit work amounted to €8.2 million, accounting for 53 per cent of total billings.
The review incorporates PWC's transparency report for 2008, which is a new requirement adopted by the European Union.
The EU's Statutory Audit Directive, adopted in 2006, and recently incorporated into Maltese law, obliges firms auditing public interest entities to publish an annual transparency report.
PricewaterhouseCoopers senior partner John Bonello said the Accountancy Profession Act prescribes a minimum content that the annual transparency report should cover but the firm had "chosen to go beyond this minimum content to enable a more complete understanding of the policies, values and independence of our practice."
He added: "We understand and applaud the requirement for more transparency to protect the public interest. I augur that in due course we will see this increased transparency extend to other sectors of our economy and society".
Mr Bonello said that the growth of PwC has been notable in particular since Malta's position in the European Union was consolidated. "In fact since 2003 we have doubled the size of our practice," he said.
During 2008, the maximum fees PwC earned from any one client or client group amounted to 2.4 per cent of the income of the firm. More than half of the firm's advisory and tax fees in 2008 were earned from clients with whom PWC has no statutory audit relationship.
The report highlights the fact that PwC is one of the largest employers on qualified professionals in Malta. In the past three years an average of 41 graduates were employed annually on a full time basis. As at December 31, 2008, the firm's partners and staff included 170 qualified accountants out of a total of 248 employees.
In 2008, 47 staff members gained overseas work experience in PwC firms in New York, London, Milan, Rome, Luxembourg, Jersey, Isle of Man, Nicosia, Dublin and Amsterdam through PwC's overseas secondment programme.
PwC's corporate social responsibility contributions in 2008 included expending €87,000 i time value on community services, undertaking pro-bono work with a time value of €40,000 on various charities and community organisations and cash donations of €25,000 to various worthy causes including cash collected by staff during office and social functions.
The report highlights that the advice being given by PwC to its clients concerned about the global economic situation is to focus on fundamental priorities.
"Cost cutting may be essential in a downturn. But it is not the only corrective measure needed; it must not destroy value and it must not demoralise the people that a business may be counting upon for the longer term.
"Our message will emphasise that the agenda to be pursued in a downturn goes much further than cost cutting. It must start by taking proper stock of where the key risks lie; followed by decisive action based on reliable financial information," the report says.