PwC US Announces Update to Governance Structure and New Advisory Committee

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February 28, 2020 - PwC US has announced the addition of Troy A. Paredes as the third external director to the Firm’s US Board of Partners and Principals and the formation of an independent Assurance Quality Advisory Committee (AQAC).

Troy A. Paredes, founder of consulting firm Paredes Strategies LLC and a former US Securities and Exchange (SEC) Commissioner, will serve as an external board member, with a term expiring on June 30, 2023.

The independent Assurance Quality Advisory Committee will consist of up to three members who have the collective experience and deep understanding of the interests of the preparer, auditor, investor, standard-setting and regulatory communities. Further details about the composition and responsibility of the AQAC will be announced in the latter half of 2020.

The establishment of the AQAC makes PwC US unique, the only firm with both a Board that includes external members and an independent advisory committee focused on quality.

Statement from Tim Ryan, PwC US Chair and Senior Partner

“We are proud to add Troy Paredes as the third external director to the PwC US Board. Quality underpins our strategy and our ongoing commitment is to continue to identify opportunities for enhancements to quality, and Troy is a strong voice that will even further our governance in the areas of financial reporting and the audit. This is the culture and standard we strive to maintain.

Further, we are proud to announce that we are establishing an independent Assurance Quality Advisory Committee (AQAC). The AQAC will provide perspectives and advice to Assurance leadership on aspects of the business, operations, culture, governance, and risk management of the Assurance line of service that are reasonably expected to impact audit and assurance quality.

As the first global accounting firm to add external directors to our board in 2017 and now the only firm with both external directors and an independent advisory committee dedicated to quality, we believe that this is another meaningful step to ensuring that we have the right external perspective. The inclusion of points of view external to PwC is critical as the Board makes decisions regarding our firm’s strategy and growth and decides on issues impacting our broader stakeholders and communities.”

Statement from Troy A. Paredes, PwC US Board of Partners and Principals, External Director

“PwC is a leading firm and the addition of external directors to its Board is impactful in driving its groundbreaking strategy and the quality the firm is known for. I’m excited to be elected to the Board as the third external director and to draw from my extensive governance, compliance, and regulatory experience.

Joining Carlos Gutierrez and Carol Pottenger as an external director, as well as the formation of the independent Assurance Quality Advisory Committee, reflects the firm’s commitment to building trust in society, enhancing its governance and advancing its focus on audit quality.”

 

About PwC

At PwC, our purpose is to build trust in society and solve important problems. PwC is a network of firms in 157 countries with more than 276,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

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Ryan Cangialosi

Ryan Cangialosi

Assurance, Audit, Corporate Governance, Cybersecurity & Privacy, Risk Assurance, Risk & Regulatory, Trade & Tariffs, PwC US

Tel: +1 (347) 443 2157

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