Points of view
Our points of view on audit and regulatory affairs
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.
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.
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.
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.
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.
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.
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.
Explore our point of view on:
- Independence
- Auditors' scope of services
- Benefits of scale
- Governance and transparency of the audit
- Mandatory firm rotation: Newly updated!
- Competition and choice in the audit market
Dive deeper:
PwC Regulatory Briefing
A summary of key regulatory actions, initiatives and draft legislation impacting audit, financial reporting and governance.
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.
- Donald McGovern
- Global Assurance Leader
- Tel: +1 (646) 471 5354
- Ian Dilks
- Global Public Policy & Regulatory Affairs Leader
- Tel: +44 (0)20 7212 4658
