2024-09-15
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as global demand slows down, the accounting firm industry is feeling the chill.
on friday, september 13, china’s ministry of finance and china securities regulatory commission announced an investigation into pwc’s illegal conduct in connection with evergrande real estate’s 2018 audit project.: fined and confiscated 441 million yuan, and suspended business qualifications for half a year.
not only pwc, but also deloitte, one of the world's four largest accounting firms, is facing the dilemma of slowing industry demand.
on the 14th, deloitte released its full-year performance report for fiscal year 2024. the report showed that the company's global revenue in 2024 only increased by 3.1% year-on-year to us$67.2 billion, the lowest level since 2010.
the report said that due to the severe economic situation in the americas and asia, the demand for consulting business has dropped sharply. the department reported thatsales growth in local currency was 1.9% for the current fiscal year, a significant slowdown from 19.1% in the same period last year and 24.4% in the fiscal year ending may 2022.
it is reported that the consulting department is deloitte's largest business line, accounting for more than 40% of the company's revenue, and has been the main driver of growth in the past few years.
by region, revenue growth was strongest in europe, the middle east and africa, at 8.5%. growth in the americas, one of deloitte's largest markets, plummeted to 1.4%, compared with 17.5% in the previous fiscal year. other regions were almost flat or declining.
joe ucuzoglu, global ceo of deloitte, said:
“deloitte has successfully maintained its growth trajectory in the complex global environment of the past year while investing heavily in next-generation capabilities in emerging areas that align with client needs.”
deloitte is now the first of the big four accounting firms to report global results for fiscal 2024. partners at the other three "big four" firms - ernst & young, kpmg and pricewaterhousecoopers - have privately said they also expect growth to slow as a difficult operating environment prompts companies to cut spending.
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