PwC's global chairman Bob Moritz said the accounting firm is on track to post record revenue of around US$50bn this year, even as he spoke out against plans to break up the firm's audit and advisory services like rival EY.
Moritz told the Financial Times the firm a split is unlikely as the current model is crucial to attracting employees.
Despite rules restricting the sale of advice to audit clients, Moritz said PwC feels "comfortable" managing any conflicts of interest that may arise from keeping both sides of the business together and offering audits and advisory services, including consulting, deals and tax advice helps give PwC a "competitive advantage".
After EY announced plans earlier this year to separate its audit and advisory operations, with its partners set to make millions in break-up plans, PwC's global chairman said PwC should not pursue a split because it is not seeking capital.
Rather than access to capital or conflict of interest rules, Moritz said hiring the right people was the biggest constraint on expanding the business.
PwC's results for the 12 months ended June 30 are still being finalised, but the chief expects revenues to rise by at least 10%, with him adding: "Just about every business unit is up significantly".
The firm is expected to publish its global revenues in October.
A possible breakup of EY's audit and consulting divisions, through a public listing of its advisory business, would shake up the Big Four oligopoly, which has dominated the sector since Enron auditor Arthur Andersen collapsed in 2002.
Following EY's announcement in May, Deloitte, KPMG, and PwC have stood behind their model of marrying audit and advisory services.
Moritz said his firm has already committed US$12bn to its New Equation strategy, which was launched last year to win more business advising companies on environmental, social, and governance issues.
Due to booming demand for technology and ESG advice from companies, any reshaping of PwC's business would likely involve acquisitions, he added. "We’ll continue to look for those in a big-time way to build out those capabilities. I’m not going to be limited on size," he told the paper.
The sale of niche business lines will also be considered, Moritz added.
PwC sold its global mobility business last year for US$2.2bn to a private equity group, the largest sale by a Big Four firm since Enron.