Our focus on audit quality

Our Audit Quality Report gives us the opportunity to share how our culture, values, people and processes come together to help us achieve our audit quality objectives.

Our annual 2020 Audit Quality Report shares how we are delivering on our audit quality objectives. The January 2021 update provides timely insights on some of the matters addressed in our annual report, including:

  • Ongoing response to COVID-19 
  • Latest inspection results
  • Continued focus on independence and objectivity
  • Steps taken on our diversity and inclusion journey
  • Efforts related to XBRL and ESG

January 2021 Audit  Quality Update  2020 Audit Quality Report

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Watch PwC's Wes Bricker, US Assurance Leader, explain why we chose to issue a mid-year update and provide a preview of the topics included.

Our response to COVID-19

During the COVID-19 crisis, our first priority was to keep our people healthy and give them the flexibility to care for themselves and their loved ones. At the same time, we were also focused on continuing to run our business and serve our clients. Our existing tools and infrastructure allowed our people to shift to working in different ways and to coordinate and communicate with our clients.

Our response to the human, business and financial reporting challenges presented by the COVID-19 crisis included:

  • Prioritizing the well-being of our people
  • Implementing engagement level continuity plans
  • Managing audit challenges
  • Tackling technical accounting issues
  • Providing thought leadership to boards and audit committees
  • Leveraging the PwC Network
  • Engaging with regulators and others across the profession
  • Supporting our communities

Our ongoing commitment to diversity and inclusion

PwC embraces diversity and inclusion as an essential aspect of our purpose, culture, and values. Our systems, programs, and processes are designed to support all of our people so that every person has the same opportunities to grow to their full capacity. With a culture of belonging at the core, our strategy for sustainable change within the firm is rooted in supporting our peoples’ career journey at the onset. As a purpose-led and values-driven organization, we’re using the talent and resources of PwC to be a voice for change. We are taking action on issues that matter to our people, affect our communities, and permeate the business community.

As part of our commitment to transparency and accountability, we released our first annual Diversity & Inclusion Transparency Report.

“We want to be a voice for change, to increase opportunities for all and to build a successful and sustainable future by embracing the full range of talent that our fast-changing world has to offer.”

Tim Ryan US Chairman and Senior Partner

Our innovative approach

Our first-rate methodology, technology, and training provide our people with the guidance and tools they need to drive audit quality and to reinforce critical skills and behaviors related to delivering audit quality. Tomorrow’s audit, today is how we bring together our people and technology in innovative ways to deliver quality.

Why is this so important? Our blend of people and technology enables us to make a difference for our clients and the capital markets in the following ways:

  • Further enhancing audit quality
  • Providing more transparency around our progress and a more predictable workflow
  • Enabling real-time delivery, increased efficiency, valuable insights, and security
  • Customizing innovation to address our clients’ unique circumstances

Our year in review - FY20 at a glance

Executions of digital assets by Assurance professionals
Women and racially/ethnically diverse individuals in our 2020 new partner class
Engagements supported by Centers of Excellence
Compliance rate of issuer audit engagements selected for internal inspection
Views or downloads of our publications
Assurance professionals who report they understand the firm's audit quality objectives

Our Assurance Quality Advisory Committee

Our independent Assurance Quality Advisory Committee (AQAC), newly established in 2020, will provide perspectives and advice to Assurance leadership on all aspects of the business, operations, culture, governance and risk management approach that are reasonably expected to impact audit and assurance quality.

Refer to the video above for a brief introduction to our AQAC members and a discussion regarding their perspectives on audit quality, the profession and our capital markets.

Meet PwC’s independent AQAC

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The 2020 edition of our annual audit quality report provides an opportunity to share how our culture, values, people, and processes come together to help us achieve our audit quality objectives.

Watch PwC's Wes Bricker, US Assurance Leader, introduce our AQAC members and discuss their views on audit quality, the profession and our capital markets.

Contact us

Wes Bricker

Wes Bricker

Vice Chair - Assurance Leader, PwC US

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