Audit Quality Report

Our culture and values

Our purpose is to build trust in society and solve important problems. We expect our professionals to exhibit the core values underlying our purpose, as these values define the expectations we have for working with each other and our clients. 

Doing business the right way, conducting business with integrity, maintaining independence, safeguarding the information entrusted to us, preserving necessary records, and competing and winning fairly in the marketplace are key components of our ethics policies, training, and awareness activities. Further, our independence systems and processes support our people in maintaining and monitoring independence. In FY22, we launched Personal independence at PwC.

Want to know more, for example, about our tone at the top, independence systems and processes, accountability and incentives? Read our 2022 Audit Quality Report.

Our approach to quality management

The PwC Network has established clear objectives around audit quality focused on having the right people, supported by effective methodologies, processes, and technology, appropriately directed and supervised. Each PwC Network member firm designs, implements, operates and monitors its own system of quality management. 

Leveraging technology and data, we take a proactive, risk-based approach in designing and operating our system of quality management to achieve our quality objectives. Our system operates in a continual and iterative manner and is designed to be responsive and resilient to changes in the nature and circumstances of the firm and developments in the auditing environment and the regulatory landscape.

Want to know more, for example, about our monitoring programs and response to risk factors in emerging markets? Read our 2022 Audit Quality Report.

_{*Only two 2020 audit engagements of the 56 that were subject to inspection is included in Part I.A. of our 2021 PCAOB inspection report, dated Nov. 4, 2022.}