* PwC says global revenues hit record $31.5 bln
* Advisory grows by double digits - PwC
* PwC sees revenues shifting to developing markets
NEW YORK, Oct 4 (Reuters) - PwC , the world's largest accounting firm, reported a record $31.5 billion in revenues in 2012 and forecast a big shift in business to developing markets in the next five years.
Helped by increased advisory and consulting work, revenues for the year ended June 30 rose by 8 percent from $29.2 billion in fiscal 2011, PwC said in a statement on Thursday.
Advisory and consulting revenues rose nearly 17 percent, while audit and related services rose over 3 percent and tax revenues went up nearly 8 percent, PwC said.
Despite a debt crisis in the Eurozone, Western Europe remained PwC's biggest source of revenues, at nearly $12 billion in 2012, up from $11.5 billion in 2011.
North America and the Caribbean reported $11.2 billion in revenues, up from $9.9 billion.
Developing markets in Asia, the Middle East and Africa accounted for a much smaller share of PwC's revenues, but that balance is shifting, PwC said.
Developing markets are expected to generate 40 percent of PwC's revenues by 2017, up from 20 percent now, the firm said.
Global head count rose by 7 percent to over 180,000.
PwC kept its lead as the largest accounting and consulting firm for a second year after being unseated in 2010 by Deloitte Touche Tohmatsu . Deloitte last month reported $31.3 billion in revenues for its fiscal year ended in May.
Ernst & Young , another of the Big Four firms, reported $24.4 billion in revenues on Monday for its fiscal year ended June 30, while KPMG has yet to report.
(Reporting by Dena Aubin; Editing by Kevin Drawbaugh and Andre Grenon)
Keywords: PWC REVENUES/