Delivering Audit Quality: 2010 Transparency Report

Welcome to PwC’s first Transparency Report for the year ended 31 December 2010.

I believe that high quality, transparent reporting is a key component of building and maintaining public trust in business. As Senior Partner of the largest professional services firm in Ireland, I recognise that PwC has a public interest responsibility to be transparent and accountable in the way that we undertake audits for many of Ireland’s largest companies and public sector bodies. I am delighted to have this opportunity to give a comprehensive overview of the way PwC manages audit quality in Ireland.

Audit quality is underpinned by PwC's culture and is anchored in the professionalism, ethics and excellence of service we strive to demonstrate and embrace every day. Our values and code of conduct are set out in a document called “Doing the Right Thing - the PwC Way”, which encapsulates the way we do business every day - with each other, with our clients, with our suppliers and with the communities in which we live and work. This document is available here.

In the aftermath of the global financial crisis, which has seen serious challenge to all areas of governance, including audit, we in the audit profession must critically examine where we might need to introduce change. From a PwC perspective, I am happy to confirm our commitment to play an active part in this debate.

Rónán Murphy
Senior Partner