Transparency Report

Transparency Report
  • Publication
  • 5 Minute Read
  • 11 Dec 2023

Welcome to our Transparency Report FY23

At PwC, our purpose is to build trust in society and solve important problems. We are a network of firms in 151 countries with over 364,000 people who are committed to delivering quality in assurance, advisory and tax services. We are committed to driving a strong culture of quality and excellence that is core to our purpose.

PwC’s global strategy, The New Equation, responds to fundamental changes in the world, including technological disruption, climate change and challenging geopolitics. The New Equation focuses on two interconnected needs that clients face: to build trust, which has never been more important, nor more difficult, and 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.

As part of The New Equation strategy, the PwC network is making an incremental USD3bn investment in quality. This includes a USD1bn investment in a five-year programme to deliver a next generation audit ecosystem - human-led, tech-powered and data-driven. It will enable us to make continuous improvements to audit quality by further standardising, simplifying, centralising and automating our audit work, transforming the experience for our stakeholders and our people.

Our year in review

100% compliance rate in the last three years of internal quality reviews

133 average hours achieved by partners and staff for Assurance training (increased by 20 hours from 2022)

91% of employees polled through the firm’s internal people engagement survey gave feedback that they are encouraged to deliver high quality audit

76%average retention rate by staff level (increased by 14% from 2022) 68%average retention rate by manager level (increased by 7% from 2022)

Building trust in what matters

To deliver services in an effective and efficient manner that meets the expectations of our clients and other stakeholders, we have established the Quality Management for Service Excellence (QMSE) framework which integrates quality management in our operations.

Today companies are judged on far more than financial outcomes. We are evolving our assurance offering to provide confidence not just in companies’ financial statements but in their impact on people and the planet.

When working with our clients and our colleagues to build trust in society and solve important problems, we uphold our core values deeply and cultivate a positive workplace culture that keeps our employees engaged in impactful activities.

Marcus Lam

Executive Chairman, PwC Singapore

To drive sustained outcomes in an increasingly complex business and financial world, we have been scaling up our capabilities in areas such as cyber security, data analytics, ESG and AI. Our approach leverages synergies between these solutions. Combined with our established expertise in assurance, tax and other subject matter areas, we are well positioned to help our clients build greater trust with their stakeholders.

Tools and technologies to support our audit

Our Next Generation Audit (NGA)

As part of our commitment to building trust and delivering sustained outcomes, the PwC network is investing in a multi-year effort to deliver a new global audit platform to power our NGA, aiming to provide efficient, robust and independent assurance and audit insights across financial and non-financial information.

PwC will accelerate ongoing innovation and enable us to respond to changing stakeholders’ needs while taking advantage of emerging technologies, providing a transformed audit experience focusing on continuous quality enhancement. 

Reliability and auditability of audit technologies

Our firm has designed and implemented processes and controls to underpin the reliability of these audit technologies. This includes clarification of the roles and responsibilities of audit technology owners and users. In addition, we have guidance focused on the sufficiency of audit documentation included in the workpapers related to the use of these audit technologies, including consideration of the reliability of the solution, and the documentation needed to assist the reviewer in meeting their supervision and review responsibilities as part of the normal course of the audit.

Aura
Connect
Halo
Count
PwC Confirmations
FS Review Suite
PwC's Data Transformer
Easy Extract

Enabling people development and retention

Our people strategy and priorities

This year, our people priorities are to create a seamless and consistent experience for our people throughout their employee journey with us, and to build a strong recognition and learning culture that is supported by people analytics for insights-driven decision making.

We continuously invest in the development of our people through formal and experiential learning that includes programmes on digital upskilling, ESG, leadership training and global mobility assignments.

Professional development

We are committed to putting the right people in the right place at the right time. Throughout our people’s careers, they are presented with career development and learning opportunities through a variety of educational materials, including webcasts, podcasts, articles, videos and courses.

Choo Eng Beng

Assurance Leader, PwC Singapore

Quality is an integral part of our DNA, and developing a fit-for-the-future talent pool is essential to uphold this. We have embedded digital upskilling as an important element of our people development strategy. We train our people in the PwC audit approach, and equip them with the technical skills and knowledge to provide quality assurance services. Meanwhile, prioritising the wellbeing of our people has helped us create a workplace where our teams feel valued, motivated and driven to achieve shared goals.

Contact us

Marcus Lam

Marcus Lam

Executive Chairman, PwC Singapore

Choo Eng Beng

Choo Eng Beng

Assurance Leader, PwC Singapore

Tel: +65 9757 4084

Kwok Wui San

Kwok Wui San

Risk & Quality Leader, PwC Singapore

Tel: +65 8218 8727

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