Big accountancy firm partners see income drop

Partners at the Netherlands’ biggest accountancy practices have seen their income plunge over the past five years, the Financieele Dagblad reports on Wednesday, based on an analysis of annual reports.

For example, partners in PwC earned an average €708,000 in the 2007-2008 book year but this had gone down to €468,000 in the book year to end June 2012.
The situation is similar at Ernst & Young and Deloitte, the paper says, although the drop is not as sharp as the 34% cut recorded at PwC.
The reduction is due to market developments, the paper says. Customers are placing fewer orders and demanding lower tariffs. At the same time, accountancy groups have had to spend more on boosting the quality of their controls in the wake of public criticism.
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