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Trust and independence
Building trust through financial reporting and audit quality
PwC’s audit work on financial reporting is at the heart of our purpose to build trust in society.
Quality audits are a critical component of a trusted and well-functioning capital market. They provide trust in the financial reporting supply chain.
Over the past few years stakeholder expectations of an audit have been shifting rapidly both in New Zealand and overseas. One thing is clear, audits of the future need to be different to better serve the interests of investors and the community more broadly.
We recognise the role we have to play in maintaining confidence and trust in audit and acknowledge there is more to be done. We are committed to continually improving standards to meet the increasing complexity of businesses, regulatory and governance requirements.
To help build trust, we continue to invest in the following aspects of our audit and assurance business:
- introducing an Independence Risk Panel to consider independence perceptions over and above the formal requirements of the independence standards when initiating non-assurance services
- increasing our investment in ethics and independence training, our consideration of and how we communicate independence
- joining the position of our Chief Risk Officer (a senior partner) to the firm’s Executive ensuring trust and independence matters are integral to the firm’s strategy
- engaging our investor and director community on audit-related issues and exploring how we can best address expectation gaps
- discussing audit quality indicators with the companies we audit from the outset to set expectations and implementing a remediation process where necessary to ensure transparency.
- actively recruiting to increase partner and staff numbers within our audit practice.
- establishing an independent Audit Advisory Board that will provide guidance and challenge related to audit quality. The board consists of three independent members who will advise the firm on a range of matters including PwC’s audit systems and processes, learning and development programme and how the firm is responding to structural changes in the profession.
We look forward to working further with the entities we audit and their shareholders, our industry peers, regulators, the investor community, our staff and corporate New Zealand to drive outcomes that are beneficial for all.
COVID- 19: financial reporting and audit
In our audit business we're focused on ensuring high quality financial information is shared on a timely basis to help capital markets continue to function effectively. We are acutely aware that there will be more professional judgement required in this upcoming reporting season than there has been for decades.
We have drawn on our most experienced audit Partners to provide real-time consultation for Partners and teams delivering listed company and other public interest entity audits. In this time of crisis we remain steadfast in our commitment to audit quality.
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