Points of view

Our points of view on audit and regulatory affairs

Independence

Independence

We’ve recently seen many changes designed to enhance independence and objectivity. We believe there is room to build on the safeguards and reforms already in place.

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Auditors' scope of services

Auditors' scope of services

Some argue that allowing auditors to carry out any non-audit services for their audit clients weakens their independence, objectivity and professional scepticism. Here’s why we disagree.

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Benefits of scale

Benefits of scale

Competition is good for everyone. But its benefits cannot be achieved by artificially limiting the choices companies have in choosing their auditor. Large, global companies require an audit firm of comparable size and scale.

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Governance and transparency of the audit

Governance and transparency of the audit

Audit committees are fundamental to the integrity and quality of the audit. They contribute significantly to effective financial reporting and the performance of the audit. We need to build on existing frameworks to make the process universal and more transparent.

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Mandatory firm rotation

Mandatory firm rotation

We believe that recent proposals to mandate the rotating of audit firms would significantly reduce the quality of audit and the reliability of financial reporting.

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Competition and choice in the audit market

Competition and choice in the audit market

We believe competition among audit service providers is good for everyone -- but artificial market interventions are not the answer to maintaining continuous quality improvement and a competitive landscape.

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As a leading global network of auditing firms, we also aim to play a constructive role in the debates that will shape the future of auditing, financial reporting, regulation and corporate governance.

We invite you to read our views on some of the most vital issues now being debated in this area. We hope you will find these short point-of-view publications as stimulating as they are informative.

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PwC Regulatory Briefing: Updated July 2014

The latest issue of the Regulatory Briefing provides an overview of significant developments, focusing on proposals, new legislation and other initiatives plus the PwC position on these.

EU audit reform legislation - the facts

EU legislation to reform statutory audits was adopted in April. See a summary of the issues affecting the audit and requirements for public interest entities.

Auditor reporting - PwC's response to the IAASB

The comment period for the International Auditing and Assurance Standards Board (IAASB)'s consultation on auditor reporting has closed. We highlight the key points from our response and provide the full response letter.

Auditor reporting: An overview of global developments

There is plenty of evidence that investors value the auditor’s opinion on the financial statements. They don’t want to lose it. But in the wake of the financial crises, investors and other stakeholders began to call for auditor’s reports to be more informative. Auditors have unique and relevant insight based on their audits and investors and other stakeholders are asking auditors to share some of that insight.

Role of the audit committee

A look at the audit committee’s central role in effective corporate governance and external audit oversight, and how implementing a periodic comprehensive review of auditor performance can help build on this role.

Understanding the Financial Statement Audit

Download this essential PwC guide to the financial statement audit: from appointment of the auditors, reporting standards and audit process, to the final report and audit opinion.

Assurance today and tomorrow

Survey of 100 investment professionals globally about today’s audits, giving their views of how to boost the value gained from audit and assurance

IAASB Invitation to Comment: Improving the Auditor’s Report

PwC's response to the IAASB's proposals to make the auditor’s report more informative and relevant to users.

Contacts
Georg Kaempfer
Global Public Policy & Regulatory Affairs Leader
Tel: +49 (69) 9585 1333
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IAASB and PCAOB exposure drafts on future auditor reporting

“Both the PCAOB and IAASB exposure drafts have some bold and challenging suggestions - such as providing insight into key or critical matters that the audit focussed on - we now need to consider how these can be practically achieved,” said Richard Sexton, PwC’s Vice Chairman Global Assurance. “We are beyond a debate about the merits of change to the shape of the auditor’s report. Energies need to shift to begin working on what will be needed to deliver the new style reports.”

Richard Sexton,
Vice Chairman
Global Assurance

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