This Transparency Report is published for our financial year ended 30 June 2021.
The report was approved and signed by Nick Halsall, as Territory Senior Partner on behalf of PricewaterhouseCoopers LLC ("PwC Isle of Man").
Nick Halsall, Territory Senior Partner
It gives me great pleasure to introduce our Transparency Report for 2021, my first since succeeding Ian Clague as PwC Isle of Man’s Territory Senior Partner on 1 July 2021.
This report includes information about how PwC Isle of Man as a firm is governed and includes an update from Nicola Shepstone, who leads our audit practice. While PwC is a multidisciplinary firm, this report is primarily focused on our audit practice and related services. The audit profession continues to be under significant public scrutiny and challenge. We understand the concerns and we support and are committed to changes that will improve audit quality.
This year’s report also reflects the strengthening of our local leadership team following the appointment of Nichola Christison and Johann Marais to partner from 1 July 2021.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 156 countries with more than 295,000 people who are committed to delivering quality in assurance, advisory and tax services. We are committed to drive a strong culture of quality and excellence that is core to our purpose.
In the Isle of Man we are committed to providing a quality industry-focussed service to a wide range of clients, with a service offering of audit & assurance, tax, advisory and actuarial services. Operating from our Douglas office, we are proud to be a locally owned and controlled organisation of more than 100 staff with 14 Partners/Directors.
We aim to deliver more value than our clients expect and form long-term relationships. As many clients are shifting their focus, a common theme in our conversations is better aligning the business agenda with urgent social and environmental needs - whether that’s transitioning to net zero or strengthening the Isle of Man as a competitive, secure place to do business.We’re excited about what our clients are saying they need from us in FY22 and beyond, which is to bring everything we offer together in new, creative ways. Our focus now is on growth through change and we’re committed to investing alongside our clients for mutual success.
In June 2021 we unveiled, and in early November 2021 we will officially launch The New Equation, PwC’s landmark global strategy which responds to fundamental changes in the world, including technological disruption, climate change, fractured geopolitics, and the continuing effects of the COVID-19 pandemic. The New Equation is based on analysis of global trends and thousands of conversations with clients and stakeholders. It builds on more than a decade of sustained revenue growth and continued investment. The New Equation focuses on two interconnected needs that clients face in the coming years. The first is to build trust, which has never been more important, nor more difficult. The second is to deliver sustained outcomes in an environment where competition and the risk of disruption are more intense than ever and societal expectations have never been greater. For more information on The New Equation, please see https://www.pwc.com/gx/en/.
Our new strategy builds on our ongoing commitment to quality.
Our people are key to performing high quality audits and we draw upon a wide range of specialist skills across our multidisciplinary practice. That’s why we maintain a constant emphasis on our purpose and values that address integrity and independence. We continue to invest in our people by providing ongoing professional and personal development, with in depth training.
We have taken steps to align our business to support this focus on audit quality. We continuously invest in innovation and new technology to support our services across the firm, to meet the changing audit challenges in a digital age and to enhance the quality of our audit services.
Taken together, these measures represent a significant transformation of our audit business and support our focus on audit quality and our public interest responsibilities.
You can download the full report at the link below and if there are any matters you would like to discuss please get in touch.