Message from the Territory Senior Partner
I am pleased to present our firm’s review for the period ended 30 June 2021. This review, which this year has again been compiled in digital format, incorporates our transparency report as required by the EU Statutory Audit Directive.
The year under review continued with the unprecedented challenge of delivering audit quality during the COVID-19 pandemic. This remained a key focus area for us. While our priorities have been to protect the livelihood of all staff members, both from a health and economic point of view, and to help our clients and the communities in which we work deal with the impact of COVID-19, this period has also allowed us to understand further the new ways of working. Flexible working arrangements are here to stay, as a result of both technology advancements and people’s changing working habits. As an organisation we must continue to embrace these changes, while remaining committed to giving people the opportunity to come together, build relationships and share ideas in a workplace.
I would like to thank all my partners and our staff for their hard work and commitment and for their continued support and dedication in adapting to the new ways of working and retaining the focus on delivering professional and high-quality services to our clients. I also want to thank, on behalf of everyone at PwC, all the front-line workers whose dedication to providing care to those more severely impacted by COVID-19 and to saving lives, and to distributing the vaccine, has been an inspiration to all of us and has allowed us to start to return to a semblance of normality.
I am also very proud of the way our people have found ways to support each other, to share well-being practices and to find innovative ways to interact. The PwC Walk With Us Challenge, a fitness and well-being initiative, launched by our people for our people in June 2021, was one example of this. The challenge registered a resounding success with 260 participants upping their fitness levels and recording over 62 million steps! The extent of acts of altruism that took place across the firm were also indeed a humbling experience, and I would like to congratulate Ivan Grech for being awarded the Kevin Mahoney Award for Altruistic Acts by The Malta Institute of Accountants.
This year, I was especially pleased to announce the appointment of two new partners and three new directors to the firm, Ian Curmi, Christopher Cardona, Nadia Mifsud, Francesca Fenech and Claudine Attard – I know that these appointments will continue to strengthen the level and quality of all services that we provide. I would also like to place on record my appreciation for the years of service, support and insight that George Sammut made to the firm. George retired from the partnership at the end of 2020 after 36 years with the firm, with the last 18 years as a partner in our Advisory Line of Service.
Our Purpose
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.
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The New Equation
In June 2021, we unveiled 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 will face in the coming years. The first is to build trust, which has never been more important, nor more difficult to achieve. 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 click here.
Focusing on Quality
The focus on quality has never been more necessary and required. This is not only in ensuring that the work we perform is always of the highest standard, but also in the clients that we service and ensuring that compliance with regulations remains a priority for us and our clients. We continue to invest significantly in tools and resources to help us achieve this objective.
Taken together, these measures represent a significant transformation of our audit business and support our focus on audit quality and our public interest responsibilities.
Our performance
We continue to deliver encouraging results with turnover for the 12 months to 30 June 2021 increasing by 5% to €45 million. This gives us a great foundation, and also a responsibility, to continue to invest in our business and also to adapt to the new realities, brought about by the continuing change in landscape that the regulatory environment that we are operating in is demanding, and which have been accelerated by the pandemic.
On behalf of my partners, I would like to extend my appreciation to our people. Despite the challenges posed by the pandemic, they, together with us, continued to share and live the firm’s values and deliver on our purpose and strategy every day. I am confident that we are well positioned to help our clients and our people embrace the opportunities that exist in this ever changing world.
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