As an organisation driven by service excellence, we are deliberate in setting ambitious quality standards for ourselves. It’s therefore not surprising that quality remains at the centre of our strategy. As such we remain committed to rigorous and objective self-evaluation and monitoring as a means to reinforce our foundation for audit quality. While we occasionally identify areas where improvements are required, our approach to maintaining the trust of our stakeholders is underpinned by our transparent commitment to continuous improvement which ensures that we reflect and learn from these outcomes.
Similar to building trust, delivering sustained outcomes requires us to work in an integrated way. Instead of taking a traditional technology-driven approach to transformation, PwC focuses on the outcomes that our efforts are seeking to achieve. To deliver the agreed outcomes, we mobilise our expertise in areas including – among many others – strategy, digital and cloud services, value creation, people and organisation, tax, sustainability reporting, deals, business recovery services, legal and compliance.
Our strategy builds on our ongoing commitment to quality. Trust lies at the heart of everything we do at PwC, and is fundamental to fulfilling our firm’s purpose. One of the ways we build trust is by being transparent. As auditors, we’re also acutely aware of another trust driver: the quality of our external audits. Our Transparency Report for 2024 provides insights into our quality management for service excellence and describes our policies, systems and processes for ensuring quality, responding to quality deficiencies, the results of key quality monitoring programs and reviews, and the way we foster a culture of quality at every level in the firm.
Each year, the expectations of our stakeholders grow, and the demand for information and insights from auditors increases. This is reflected in an unprecedented level of standard setting and the growing pace of regulation – including that related to the use of technology and data in corporate reporting and auditing – which show no sign of slowing down. We recognise and accept our responsibility to lead change to meet those expectations because confidence in the role of auditors is critical.
We spend considerable time, effort, and resources in helping to shape the future of corporate reporting and auditing in a way that builds trust in the capital markets. We also continue to take appropriate measures to prepare our people and clients for changes in the environment in which we operate. This includes significant investments in the skills of our people and capabilities of our firm in areas including artificial intelligence and sustainability. It also includes significant investments to develop a platform to power the next generation audit – continuing to harness the power of our award-winning technology to drive audit quality and efficiency while maintaining an appropriate focus on establishing practices and controls to manage associated risks.
We are, as always, pleased to engage with you on our continued progress. At PwC, we know that future success hinges on having trust in what matters. Trust is vital to the health of our organisation, our profession, and our communities. Because of this, audit quality is – and always will be – our number one priority.
Our Transparency Report for 2024 provides insights into our quality management for service excellence and describes our policies, systems and processes for ensuring quality, responding to quality deficiencies, the results of key quality monitoring programs and reviews, and the way we foster a culture of quality at every level in the firm.