The four key drivers of PwC’s profession-leading audit quality

Auditors play a crucial role in helping to build trust in the capital markets. Because of auditors and their efforts, market participants have greater confidence in the quality and reliability of data that they use to make informed decisions. This is a huge responsibility, and one PwC takes seriously. That’s why we continue to invest in our technology, methodology, internal controls and people—and why we consistently are transparent and share details on the actions we take to deliver sustained, profession-leading audit quality. 

PwC’s newly released 2023 midyear update to our Audit Quality Report demonstrates how we deliver profession-leading quality and transparency to our stakeholders. Our purpose is to build trust in society and solve important problems, and at the foundation is our multidisciplinary model that allows us to build, and draw from, the deep technical knowledge and unique skills of professionals across Trust Solutions and Consulting Solutions. This combination of diverse people, expertise and the right technologies from across our businesses, where permissible, creates an innovative mindset with quality at its core.

The 2023 midyear update to our Audit Quality Report details the investments we have made—and continue to make—that drive how we deliver quality for our clients and stakeholders, including:

• Culture and values: Our collective and individual commitment to our purpose and values continues to propel us forward—it is why we do the things we do and how we conduct ourselves. This includes focusing on independence, in fact and appearance, to support our ability to exercise professional skepticism and draw objective conclusions. At the end of 2022, we provided our people with additional key reminders on independence requirements related to personal investments and financial relationships.
• People: The success of our firm depends on our people. We continue to take meaningful steps to attract talent, last year hiring nearly 1,700 entry-level and 800 experienced audit professionals, and more than 1,900 audit interns to supplement our workforce. This includes rolling out My+, our new people experience rooted in personalization. My+ is revolutionizing the way our people  work, is focused on using technology to personalize careers at PwC, and keeps our clients’ needs at the center. Looking ahead, My+ will offer an increased emphasis on growth and development, customized rewards and benefits, well-being and flexibility that is stitched into our daily experiences.
• Quality management and monitoring: Our quality management system is designed to meet the requirements of relevant quality control standards and be responsive to changes in the nature and circumstances of the firm and PwC Network, as well as developments in the auditing environment and the regulatory landscape. Our profession-leading audit quality results—based on recent PCAOB Part I.A inspection results among the public accounting firms over the past two years and consistent with our internal inspections—are a testament to our quality management efforts and our commitment to continuous improvement.
• Audit approach: With a focus on standardization, simplification, specialization, and automation, we provide our audit teams with resources, technology, and tools that drive audit quality in a complex audit environment. Our Acceleration Centers (ACs) are increasingly important to how we drive quality and transform the audit experience, allowing our audit teams to better manage workload and creating opportunities for our audit professionals to take on more challenging work earlier in their careers. We continue to expand AC capacity and capabilities and collaborate toward a fully integrated audit delivery model.

Quality is—and always will be—our priority. It is underpinned by our ability to consistently act with integrity as we deliver quality work to the market. And our profession-leading audit quality results are a testament to our commitment to continuous improvement, investments, and the dedication of our people. Quality is a journey, and we will never waiver on our commitment to deliver quality for our clients and stakeholders. Learn more about our approach to audit quality in our 2023 midyear update to our Audit Quality Report.