Audit and Assurance

Regulatory compliance and reporting needs to be viewed as a natural extension of the governance duties shouldered by top management and corporate boards. Moreover, only good governance can ensure that compliance is aligned with the company’s business objectives and risk management strategies and is thereby adding real value and not just costs to the organisation. Ultimately, the goal is to ensure that the spirit of compliance, as well as the letter of the law, is embraced in every corner of the enterprise.

For all organisations engaged in activities that are regulated, PwC provides support, advice, and assurance to help you manage your regulatory risks. In an ever-changing regulatory environment, we can help ensure that you identify, manage, and control any exiting and future regulatory risks. A proactive rather than a monitoring approach to regulation is now a full time strategic necessity.

Our people can also assist in the evaluation of new regulations on your business model, provide advice with getting your business authorised by a regulator or provide support in dealing with regulatory enforcement actions and remediation exercises.

Finance functions are operating in a complex and rapidly changing environment. With the continuous developments in International Financial Reporting Standards (IFRSs) as adopted by the EU, the areas of financial accounting and reporting have become a lot more challenging for many entities. The preparation of financial information in accordance with the requirements of IFRSs is becoming onerous taking into account the economic substance of transactions and the use of significant management judgments which may impact the recognition, classification, measurement, presentation and disclosure matters. The General Accounting Principles for Smaller Entities (GAPSME) has been an important step towards simplification in Malta; the extent of adoption of these principles by reporting entities in Malta has increased significantly in recent years.

Learn more about Accounting Advisory services

Our Digital and IT Assurance (DITA) practice provides services related to controls around the financial reporting process, including financial business process and IT management controls.

In today’s business world, IT and financial reporting environments are becoming increasingly complex while even greater reliance is being placed on the information produced by these systems and processes. The involvement of our DITA specialists is essential to providing trust and quality in the assurance business, with the renewed emphasis on data, controls, and secure, reliable and efficient information systems. Our DITA specialists are integrated into financial audit teams. DITA provides both audit and audit-related services such as compliance to regulations. These include IT general control reviews, application controls reviews across various industries, as well as services to improve security and controls.

If you need confidence in the quality of the information produced by your IT systems or you rely on financial information from a third party and need independent assurance on that information, we can help. Our services enable you to gain comfort that your systems, processes and risk management procedures are operating effectively and within a well controlled environment.