Why it matters
Our audit opinions carry weight because they’re trusted. That trust relies on one thing above all; independence.
To uphold that trust, and to meet legal and regulatory standards, all PwC audit professionals must remain independent from audit clients. That includes personal financial relationships that could create a conflict of interest, or even the appearance of one.
Checkpoint helps us stay transparent and compliant, so we can continue to deliver objective, trusted work.
How it works
Managers, Senior Managers, Directors and Partners at PwC are required to record the companies in which they or their immediate family members own financial interests, securities and other financial arrangements. This in order to ensure that they do not conflict with PwC's independence. Any investments in crypto tokens are also considered as financial interests, irrespective of the amount held within the investment.
Only the name of the company or fund and type of investment is required – not the amount. The issuing company or fund name needs to be recorded for any:
- Financial interests: Equity, share, stock, bond, crypto-token, other security and any derivative of these securities.
- Financial arrangements: Savings related insurance policies and pension policies and similar financial products and services.
These are recorded in Checkpoint, PwC’s secure, restricted-access system, within 14 days of the acquisition date. Likewise, upon disposal, financial interests need to be removed from Checkpoint within 14 days of the disposal. All information remains confidential.
Pre-clearance ahead of an acquisition
You can enter information about a relationship into Checkpoint before you acquire it.
Checkpoint tells you if the relationship is currently permitted. Pre-clearance helps avoid breaches of independence policy. It can also save you unnecessary transaction costs.
Who needs to report?
To maintain objectivity and independence, all PwC Managers, Senior Managers, Directors and Partners must report relevant financial interests which
- they own directly
- they control on behalf of others,
- or are owned by their immediate family members including:
- their spouse or other equivalent person,
- their dependent children and
- other relatives which are financially dependent on them.
Ongoing reconciliation and maintenance
PwC Managers, Senior Managers, Directors and Partners must keep Checkpoint updated as circumstances change, as well as, submit a periodic official confirmation stating that their portfolio has been accurately and promptly maintained throughout the year.
