PricewaterhouseCoopers Aarata considers quality to comprise of six elements: leadership; ethics and independence; acceptance and continuance of client relationships and specific engagements; human resources and education; engagement performance and support structures; and monitoring. These quality components are necessary to meet the demands and expectations of all stakeholders, including securities markets, and also conform to ISQC 1* standards. To secure the desired level of quality, PricewaterhouseCoopers Aarata’s quality control system is based on the following three lines of defence: 1) Establishing and executing internal control systems for quality control; 2) Examining the effectiveness of internal controls; and 3) Monitoring by an independent review committee to guarantee transparency.
Through these measures, PricewaterhouseCoopers Aarata aims to apply a framework comparable to the internal controls for financial reporting required under Section 404 of the U.S. Sarbanes-Oxley Act to the establishment and implementation of internal controls for quality control of an audit firm.
*ISQC 1 – International Standard on Quality Control No. 1, "Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information"
As part of its mission, PricewaterhouseCoopers Aarata considers auditing quality as its highest priority. The firm and all of its partners and employees recognise that the honesty and sense of responsibility employed by the on-site auditing team forms the foundation of its quality control efforts.