Our 2022 Audit Quality Report provides our stakeholders with an update on how we have delivered on our audit quality objectives over the course of the past year.
Trust has never been more important than it is today. The role we play in the financial reporting ecosystem is underpinned by the need for trust and our ability to deliver quality services, valuable insights and meaningful solutions.
Audit quality is and always will be our number one priority. In our 2022 Audit Quality Report you’ll read about how our culture and values, people, audit process, and approach to quality management support our quality objectives.
"At PwC, we believe that trust will be THE defining factor in a business's ability to thrive in the future."
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.
"The foundations of our markets are built on the ongoing exchange of quality financial information between institutions and investors, and building and maintaining trust in those markets is a role we take seriously."
Experience
We are focused on being the world’s leading developer of talent with a desired outcome of quality client services, greater engagement of our people, and an inclusive environment that allows our people to reach their full potential.
This year we launched My+, which will provide our people the power to build personalized careers, from choosing the types of assignments they work on, to the hours they work, to where they work and the benefits they need.
Learn more in our 2022 Audit Quality Report.
Retention
In response to increasing voluntary turnover rates, we took several key steps to further promote retention of our audit professionals, by not only providing them with greater flexibility in how and where they work, but also by finding more ways to recognize their contributions with meaningful rewards.
Also, by continuing to further integrate team members located at the Acceleration Centers on our audits, we were able to manage workload in response to increasing turnover rates which helped our teams continue to meet the needs of our clients, while also creating opportunities for our audit professionals to take on more challenging work earlier in their careers and to provide value-add insights to our clients.
Learn more in our 2022 Audit Quality Report.
Upskilling
Continuous learning is a fundamental aspect of our culture. We take measures to reinforce the importance of learning to an individual’s professional development, including providing our audit professionals with sufficient time to complete training courses and assessments.
In addition, the continued digital upskilling of our audit teams allows us to build on our base data analysis and other technological capabilities to enhance quality, increase efficiency, and improve the audit experience. Audit team members located at the Acceleration Centers are similarly provided access to a wide range of digital upskilling, as well as training specific to their responsibilities.
Learn more in our 2022 Audit Quality Report.
Diversity, equity and inclusion
Our DEI strategy drives equity within the firm from recruitment to partnership—with our systems, programs, and processes designed to support all of our people so that every person has the same opportunities to grow to their full potential.
Our annual Purpose Report details our commitments to DEI, operating responsibly in sustainable ways, and driving a human-led, tech-powered approach.
Learn more in our 2022 Audit Quality Report.
Our audit process
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See how the new equation of people + technology comes together in Tomorrow's Audit, Today — to bring you trust, insights and efficiency.
Rooted in our core values, Tomorrow’s audit, today reflects our view of the future — people-led, enhanced by powerful technology, and digitally amplified. Driven by a quality-first, purpose-always mindset, our people deliver an audit that focuses on simplification, standardization, specialization and automation.
Aura, the PwC Network’s cloud-based audit platform, helps our teams deliver an audit tailored to our clients’ business. Our award-winning data visualization, analytics, and auditing tools are designed to enhance our risk assessment process and facilitate automated testing and data validation to support the different phases of the audit. Our digitally fluent audit team members also use Digital Lab to find, build, and share digital assets to enhance audit quality and efficiency.
Learn more in our 2022 Audit Quality Report.
Our audit teams have relevant industry and technical knowledge, and they leverage specialists and consult with the National Office, when appropriate. In addition, through the consistent adoption of our tools and guidance, further integration of audit team members located at the Acceleration Centers, and centralized execution by our Centers of Excellence, we are able to appropriately scale and standardize.
As fully integrated members of the audit team, team members located at the ACs are able to leverage their experience performing audit work on a wide range of clients and their familiarity with advanced digital tools to appropriately scale and automate certain audit procedures and project management-related tasks.
Learn more in our 2022 Audit Quality Report.
Our audit approach allows for the combination of our people's emotional intelligence, sound judgment, professional skepticism and experience with the deep dynamic analysis made possible by machines — a combination far more powerful than either alone.
As part of The New Equation global strategy, the PwC Global network is exploring and investing in new technologies and revisiting underlying audit methodology and processes to redefine how we digitally enable the ways we work and elevate the experience for our people and our clients in the process.
Learn more in 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.
Other topics
Find more in our 2022 Audit Quality Report including:
- Our role in the financial reporting ecosystem beyond the issuance of audit reports, which includes active participation in regulatory and standard setting activities, the development of thought leadership, regular stakeholder engagement, and the provision of permissible non-audit services.
- The members and recent activities of our Assurance Quality Advisory Committee.
- The legal structure and ownership of the firm, leadership team members, and authority and composition of our Board of Partners and Principals.
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