Public confidence in the auditing process is vital to the efficient functioning of Australia's capital markets. In February 2006, as an effort to improve and maintain that public confidence, the Audit Quality Review Board (AQRB) was formed to review the systems, processes and controls applied by each of the major audit firms to ensure each firm meets the independence and quality standards required in their audits of listed companies.
As part of our demonstrated commitment to ensuring the integrity of the auditing process and continued commitment to quality in everything we do, PwC voluntarily signed up to allow the AQRB to review our quality systems.
As part of its review the AQRB required us to provide them with a Quality Control Report (QCR). This QCR describes the quality systems, processes, and controls in place to provide reasonable assurance that PwC and its people comply with professional standards and regulatory requirements in Australia, and that reports issued by the firm or audit engagement partners with respect to publicly listed entities are appropriate in the relevant circumstances.
On completing its review of our QCR and its implementation in practice, the AQRB published our QCR on www.aqrb.org.au.
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