Training our people

During 2005, we invested considerable resources in training PricewaterhouseCoopers (PwC) staff in new auditing and accounting standards, including 17,000 PwC people around the world trained in new US Public Company Accounting Oversight Board standards. We are currently deploying a suite of e-learning products which compares and contrasts US generally accepted accounting principles (GAAP) with IFRS. Over the medium term, we plan to move toward a system of accreditation in our audit training. As an initial step in that direction, we have introduced diagnostic and completion tests for participants in certain courses.

We welcome the clarity provided by new regulation related to tax planning and tax shelters. Many of these rules formalize the way we have already been working. We have devoted significant effort to awareness building and training in the new tax regulations. For example, in response to US Treasury Circular 230 on advice to clients, PwC US organised mandatory training and examination for all client-facing tax practitioners.