We’re creating an enhanced way of auditing that delivers high quality and improves the audit experience for our clients. Learn more about how we are changing the audit process.
You’re running a business in a world where the business environment is constantly changing. Whether its new opportunities or new challenges, there are times when an audit is either required or is undertaken to provide a full picture of the company’s financial position and operational results. These situations may include:
The bottom line: A quality audit can facilitate your company’s access to capital.
Having audited financial statements readily at your disposal makes good business sense. With them, you will
We understand that the audit requirements are different for private companies. Using a streamlined approach to audits, our sophisticated tools drive efficiencies and create a collaborative working relationship.
A multi-billion global engineering, construction, technical and management services firm delivering design, construction and other professional services to federal, regional, and local government agencies, as well as to private industrial customers worldwide came to PwC initially for its audit needs. The company was used to handling most of its work in-house.
Through conversations with management our team grew to understand the organization and its issues from an audit, tax and advisory perspective. The team proactively brought forth issues the company needed to understand and address, such as the new revenue recognition standards and FASB 167. The team also provided advice that helped the company develop efficient, cost-effective processes. The team took a similar proactive approach with regards to problem areas in the company’s joint-venture relationships.
This proactive and insights-driven approach has helped the firm understand risks and opportunities and it now considers and engages with PwC as its valued business advisor
A private manufacturing company with a global presence and multiple manufacturing, technical and sales facilities worldwide had aspirations of going public. It had previously been audited by a non-Big Four firm but knew it needed to go with one of the established Big Four auditing firms in anticipation of an IPO. The private company, having established a solid relationship with PwC through past relationship building, engaged PwC.
We first performed consolidated U.S. GAAP audit and statutory audits and also provided insight into IPO considerations, control structure recommendations and operational considerations. Finally, we provided access to experienced industry and technical accounting professionals.
The private company is better prepared to meet its goals for going public and has initiated steps to improve its existing processes.
A large, private university gains insight into financials, improves decision-making capabilities with ERP solution
Before embarking on an enterprise resources planning (ERP) project, a large private university sought to understand the risks involved and the overall fit of the ERP solution to the institution’s business needs. PwC was engaged to conduct an organizational readiness assessment for a cloud-based implementation.
PwC’s team performed a risk analysis, identifying potential points in the implementation process that might affect the return on investment, and evaluated the fit between the university’s needs and cloud-based solutions for finance, supply-chain and human capital management.
We reviewed the current state including structural and people-based, and suggested recommendations to mitigate risk. We also provided foundational actions needed ahead of any solution.
The system implementation drove process efficiencies, eliminated manual and fragmented processes, and provided critical data and insights to support business decisions.