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Audit and assurance services for private companies
At PwC, we understand that as private companies your needs and requirements are different from public entities — audit requirements, stakeholders, and ownership structures are just a few of those differences. As a result, we have our Private Company Services (PCS), a national practice designed to meet your company’s specific needs.
We provide a streamlined approach to audits. We understand how your stakeholders use financial statements and focus our audit based on what is relevant to them. We have developed sophisticated tools that drive efficiencies and work collaboratively with you to identify ways to strengthen business processes and financial effectiveness. Our partners and staff are experienced in working with private companies and their owners and tailoring our services to their unique needs.
PwC's tech-enabled audit
Emerging technologies have revolutionized many aspects of business, and the audit is no different.
At PwC, we are tech-enabling the audit, matching emerging technology with the skills of our people to dramatically shift how we work. Our award-winning auditing tools help to shift manual tasks to machines, allowing us to focus more on areas of higher risk and deliver new insights.
Our people and approach are critical to this development. Technology is just the enabler. We call it “human and machine collaboration” - and this combination is far stronger than either one alone.
PwC Wins 2017 Audit Innovation of the Year
We're proud to have been recognized for the second year running with the prestigious Audit Innovation of the Year award by the International Accounting Bulletin.
Revenue recognition for private companies
With the deadline for the FASB standard change (ASC 606) for nonpublic companies approaching in January 2019, private companies should start determining their next steps now.
In part one of a three-part series on considerations private companies should take in the adoption of ASC 606, read why companies need to start thinking about implementation of the new standard and the methods of adoption available. Revenue recognition for private companies also includes a helpful matrix of the extended ASC disclosure requirements, along with the nonpublic elections.
Click here for additional information about revenue recognition.
Don’t just read about it—experience it
We invite you to take part in this interactive video to see first-hand how we are tech-enabling the audit.
Use case on a quality audit
The ability to adapt to change is a key element of a company's ability to compete. This is particularly true of fast-growth companies; as the size and structure of an organization rapidly changes, management will often be faced with unfamiliar challenges and opportunities. In many situations, the benefit of experience can mean the difference between success and failure.
Why work with PwC?
We understand that the audit requirements are different for private companies. Using a streamlined approach to audits, our sophisticated tools drive efficiencies and create a collaborative working relationship.
Hot topics for private company audits
- Audit innovation
- Lease accounting
- Board governance
- Revenue recognition
- Cybersecurity
- Blockchain
- Brexit and your business
Private company audit: A collaborative approach
Our audit strategies, advice and counsel does not end when your deadlines are met. We stay with you every step of the way. Some of our audit services include:
• Accounting advisory services
• Risk assurance including third party assurance
• Internal audit assistance and outsourcing
• IFRS readiness and conversions
• Financial statement assurance
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