Definition
PricewaterhouseCoopers (PwC) is a multinational professional services network acknowledged as one of the “Big Four” accounting firms, along with Deloitte, Ernst & Young (EY), and KPMG. PwC offers a broad spectrum of services, including assurance, tax, deals, and consulting. Its roots trace back to 1849 when Samuel Price established an accounting business in London. The modern iteration of the company emerged from a 1998 merger between Price Waterhouse and Coopers & Lybrand. In 2010, the firm rebranded as PwC, while retaining “PricewaterhouseCoopers” as its legal name. PwC is headquartered in London, operates in over 150 countries, and employs over 180,000 professionals.
Examples
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Assurance Services:
- Audit and Assurance: Examining and verifying financial statements to provide an opinion on their accuracy.
- Financial Reporting: Assisting companies with the preparation of financial statements and compliance with regulatory requirements.
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Tax Services:
- Corporate Tax Planning: Offering strategies to optimize a company’s tax position.
- International Tax Services: Advising businesses on global tax structures and compliance.
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Advisory Services:
- Consulting: Providing expertise on business strategy, operations, technology, and human resources.
- Deals: Assisting clients with mergers and acquisitions, due diligence, and valuation services.
Frequently Asked Questions
What are the main services offered by PwC?
PwC offers four main services: assurance, tax, deals, and consulting. Assurance services include audit and financial reporting. Tax services encompass global corporate tax planning and compliance. Deals cover areas like mergers and acquisitions, while consulting involves business strategy and IT solutions.
When was the modern PwC formed?
The modern PricewaterhouseCoopers was formed in 1998 from the merger of Price Waterhouse and Coopers & Lybrand.
What are the “Big Four” accounting firms?
The “Big Four” accounting firms are PwC, Deloitte, Ernst & Young (EY), and KPMG. These firms are the largest professional services networks worldwide and offer auditing, taxation, consulting, and advisory services.
Where is PwC headquartered?
PwC is headquartered in London, United Kingdom.
How many countries does PwC operate in?
PwC operates in over 150 countries.
How many employees does PwC have globally?
PwC employs over 180,000 staff globally.
Related Terms
- Assurance Services: Professional services that improve the quality or context of information for decision-makers.
- Consulting Services: Advisory services providing expertise in management, operations, technology, and human resources.
- Corporate Tax Planning: Strategies designed to reduce a company’s tax liabilities within legal boundaries.
- Mergers and Acquisitions (M&A): The consolidation of companies through various forms of financial transactions.
- Audit: An unbiased examination and evaluation of the financial statements of an organization.
Online References
Suggested Books
- “Wiley Practitioner’s Guide to GAAS 2021: Covering all SASs, SSAEs, SSARSs, and Interpretations” by Joanne M. Flood
- “Financial Accounting Theory and Analysis: Text and Cases” by Richard G. Schroeder and Myrtle W. Clark
- “Tax Planning for International Mergers, Acquisitions, and Joint Ventures” by Peter H. Blessing
Accounting Basics: PricewaterhouseCoopers (PwC) Fundamentals Quiz
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