The financial statement audit has never been more important. There is stronger clamor for good corporate governance and greater reliability of financial reports. This has influenced reforms in the regulatory landscape and significant changes in financial reporting standards.
The impact of the changes is embedded in our audit methodology and we make sure our clients fully understand its effects.
We apply the full rigor of our global audit methodology (called PwC Audit) to our clients and tailor it to the size and nature of their business. This methodology provides a robust assurance process that upholds a superior and distinctive audit that is of global standards.
We adhere to the PwC independence rules which are generally more stringent than local independence rules.
Our risk-based, top-down audit approach provides the necessary framework that increases audit effectiveness and efficiency, and clearly responds to a client’s needs. We get an in-depth understanding of the client’s business and industry, the internal control environment, overall business objectives and the risks associated with those objectives.
Combining these factors with our independently formed expectations, we focus on the risks that will impact on financial reporting and our audit responsibilities. We plan and perform assurance work so that the audit risks will be limited to an acceptable level that, in our professional judgment, is appropriate to express an opinion on the financial statements.
As external auditors, we have a role to play in good corporate governance because we interact with the audit committee. Some of the more important benefits of our interaction are:
Our commitment to provide quality financial reports that add value is a constant. This enables us the convergence of information needed by those in the corporate reporting supply chain and governance to understand companies in detail and in depth. To maintain this high grade, we train our people with the right combination of industry-specific issues, global perspective, local implementation, and forward looking approach, with a deep insight on international and local accounting and auditing standards.
Some of our main Assurance services:
Roderick M. Danao
Vice Chairman and Assurance Managing Partner
Tel: +63 (2) 459 3065