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Our focus on audit quality

Our 2021 Audit Quality Report shares how our culture, values, people, and processes come together to help us achieve our audit quality objectives.

At PwC, audit quality is job #1 and is critical to how we help build trust in the capital markets. Our 2021 Audit Quality Report provides timely insight into how we delivered on our audit quality objectives over the past unprecedented year, including our:

  • Focus on living our values and maintaining independence
  • Innovative, risk-based audit approach
  • Role in the financial reporting ecosystem, including our approach to environmental, social, and governance (ESG) reporting
  • Ongoing commitment to diversity and inclusion

We encourage you to download the full report for further details.

2021 Audit Quality Report  

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Presenting PwC’s 2021 Audit Quality Report

Watch Wes Bricker, PwC Vice Chair and US Trust Solutions Co-Leader, discuss highlights from the 2021 Audit Quality Report.

Introducing The New Equation

We recently introduced a new global strategy, The New Equation, that realigned PwC US into two segments designed for simplicity and scale. One segment is Trust Solutions, bringing our legacy Assurance line of service and our Tax reporting and compliance capabilities together. This alignment will encourage consistent teaming behaviors, further enhance quality, and expand the opportunity to meet the needs of our clients and the capital markets.

Our Trust Solutions segment will draw on a range of expertise from Consulting Solutions, which brings together the legacy Advisory line of service and Tax consulting practices. The knowledge and experience of our non-audit professionals helps develop a deeper understanding of our audit clients’ processes and financial reporting risks, which leads to a better audit, including more insightful feedback to management and the audit committee.

 

The New Equation

2021 year in review

Compliance rate of issuer audit engagements selected for internal inspection
Assurance professionals who report they understand the firm's audit quality objectives
Percentage of audit hours performed by Acceleration Centers
Percentage of issuer audit client financial statements that were not restated
Number of Assurance professionals with advanced digital skills/training
Percentage of audit hours provided by specialists

Our innovative, risk-based audit approach

Rooted in our core values, Tomorrow’s audit, today is human-led, tech-powered and digitally amplified. Driven by a quality-first, purpose-always mindset, our people execute an audit that focuses on simplification, standardization, specialization, and automation.

The platforms that power our audit are just the beginning; we continue to develop the next wave of innovation by investing in the technologies that will continue to drive us forward and identifying new ways for our people to work with one another and with clients to enhance quality. We are pursuing new ways of using data to identify risks, detect anomalies, and surface insights, increasing the application of Artificial Intelligence to the audit, redefining digital collaboration, and elevating the experience for our people and our clients in the process.

How our people help enhance quality

We are focused on being the world’s leading developer of talent with a desired outcome of quality client services, greater engagement of our people and their experience, and providing an inclusive environment that allows our people to reach their full potential. The tenets of our people agenda include:

  • Growth & Quality. The execution of our strategy promotes quality while creating efficiencies by shifting work to team members in our Acceleration Centers and Centers of Excellence.

  • The PwC Difference is our vision for moving forward differently by giving our people the skills they need to thrive in an increasingly digital world and tech-enabling the audit so we can deliver enhanced quality and value for our clients.

  • People & Teaming. We strive to create a culture that supports our people every day to learn and grow and emphasizes flexibility, well-being, and connectivity.

  • Diversity & Inclusion. We continue to build a culture of belonging — one where we move from awareness to empathy and demonstrate inclusive leadership.

Difference makers

Our role in the financial reporting ecosystem

Collectively, our people spend tens of thousands of hours participating in standard setting and regulatory efforts to enhance the quality and usefulness of financial and other information available to the capital markets.  Our firm has become increasingly focused on our ESG efforts, including collaborating with organizations, regulators, and others in the profession to develop or enhance related metrics and disclosures, and issuing timely thought leadership to clients and teams.

Through presentations, client interactions, publications, podcasts, videos, and webcasts, we keep our audit teams, clients, and other stakeholders informed of standard-setting activity, regulatory matters, and other developments. These resources are available through Viewpoint.

Contact us

Wes Bricker

Wes Bricker

Vice Chair - US Trust Solutions Co-Leader, PwC US

Kathryn Kaminsky

Kathryn Kaminsky

Vice Chair - Trust Solutions Co-Leader, PwC US

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