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A specific focus on audit quality across the Network
The PwC Network’s Assurance QMSE framework
Delivering high-quality work is at the heart of what we do at PwC; it is what our stakeholders rightly expect of us.
To deliver services in an effective and efficient manner that meets the expectations of our clients and other stakeholders, the PwC network has established the Quality Management for Service Excellence (QMSE) framework which integrates quality management into how each firm runs its business.
This framework introduces an overall quality objective that is supported by a series of underlying quality management objectives, and each firm’s system of quality management (SoQM) should be designed and operated so that the overall quality objective, which includes meeting the objectives of ISQM 1, is achieved with reasonable assurance.
The International Standard on Quality Management 1 (ISQM 1)
ISQM 1 became effective 15 December 2022 and required all firms performing audits or review of financial statements, or other assurance or related service engagements to have designed and implemented a SoQM to meet the requirements of the standard. The PwC Network’s Assurance QMSE framework was designed to enable our firms to meet the requirements of ISQM 1. This includes design and implementation of the SoQM to comply with ISQM 1 to meet the effective date and evaluation of the SoQM under the standard by 15 December 2023.
Overall quality objective: To have the necessary capabilities in our organisation and to deploy our people to consistently use our methodologies, processes and technology to deliver services in an effective and efficient manner to fulfil the expectations of our clients and other stakeholders.
Integrated and aligned in the right way
The quality objectives focus on having the necessary capabilities and to deploy our people consistently using our intellectual and technological resources to deliver audits in an effective and efficient manner that fulfils the expectations of our clients and stakeholders. Put simply, designing our business and processes to deliver consistently high-quality audits.
To help us achieve these objectives, the PwC network invests significant resources in the continuous enhancement of quality across our network. This includes having a strong quality infrastructure supported by the right people, underlying tools and technology at both the network level and within our firm, and a programme of continuous innovation and investment in our technology. The PwC network’s Global Assurance Quality (GAQ) organisation aims to support PwC firms in promoting, enabling and continuously improving Assurance quality through effective policies, tools, guidance and systems used to further promote and monitor quality and to build an appropriate level of consistency in what we do.
These elements have been integrated and aligned by our network to create a comprehensive, holistic and interconnected quality management framework that each firm tailors to reflect our individual circumstances. Each firm is responsible for utilising the resources provided by the network as part of our efforts to deliver quality to meet the expectations of our stakeholders.
Daniel Ketterer
Quality & Regulatory Partner
PwC Switzerland
Transparency Report 2023
Ethics, independence and objectivity
The trust that our clients, communities and our people place in PwC, and our high standards of ethical behaviour, are fundamental to everything we do. As we go about our work it’s important we have a frame of reference for the decisions we make every day.
Our Code of Conduct reinforces the importance of conducting business within the framework of professional standards, laws, and regulations, together with our own policies, values, and standards, even as we work across borders. It outlines the values and behaviours that define how we do business. It holds us accountable to be open-minded and responsive and to give our best.
What we achieve as PwC is entirely dependent on how we all individually put our purpose and our values at the centre of everything we do – every day, in every action. So let’s work together to build trust and solve important problems. Let’s encourage collaboration, cultivate curiosity and innovation, act with integrity and foster a sense of care, always.
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