Our focus on audit quality

2024 Audit Quality Report

Our 2024 Audit Quality Report provides transparency, through the unique perspective of our leadership, into the health of our audit practice, actions we have taken to satisfy our quality objectives, and how the quality of our audits have measured up to expectations - including insights into over 20 quantitative transparency data points related to our culture, people, audit approach and technology, and quality monitoring.

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Highlights from our 2024 Audit Quality Report

From our leaders

Assuming new roles as the US Senior Partner and US Assurance Leader, we are fortunate to lead an audit practice that is in a position of strength – with a reputation for delivering quality built over years by the hard work and achievements of our people and the skills and capabilities to be a leader of the profession and achieve even more.

Quality is – and always will be – our number one priority.

Our reputation for quality and integrity is vital to our ability to achieve our purpose, to build trust and solve important problems. Connecting with our stakeholders to share our perspectives on the health of our audit practice and the quality of our audits is one of the ways we build trust and reinforce our commitment to our purpose and values.

We hope you find this Audit Quality Report helpful and informative.

A snapshot of our FY24 transparency data points

97% of our audit professionals reported that they receive consistent messages about the importance of audit quality from leadership

Total average annual voluntary turnover decreased to 12.7%. Average annual overtime for our associates through directors also decreased.

We hired over 1,800 entry-level and over 50 experienced audit professionals, respectively, Total headcount increased to over 16,000 audit team members.

Less than 1% of the issuer annual financial statements audited by PwC in the past five years have been restated.

Average training hours per audit professional increased to 90.

201 audit engagements were subject to internal inspection with a  compliance rate of 98%.

The ratio of partners/managing directors (MDs) in technical support roles to total partners/MDs increased to 1 to 5.7.

The ratio of partners/managing directors to all other audit team members (including ACs) decreased to 1 to 13.7.

10 audits (out of 57 audit inspections and one interim review inspection) were included in Part I.A of our 2023 PCAOB Inspection report (generally covering 2022 year-ends).

More than 100,000 auditors across the PwC Network use Aura.

The percentage of audit hours provided by specialists decreased slightly to 16.9%.

Our 300+ independence specialists conducted over 38,000 independence related consultations.

What is audit quality

Audit quality means that we consistently

  • comply with professional standards;
  • exercise professional skepticism;
  • use our experience to identify and resolve issues timely; and
  • apply a deep and broad understanding of our clients’ businesses and the financial environment in which they operate in identifying and responding to risks relevant to our audit.

We have the right leadership, people and technical capabilities to achieve remarkable things. And we will be relentless in our pursuit of providing quality work across the firm.

Paul GriggsSenior Partner

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Deanna Byrne

Deanna Byrne

PwC US Assurance Leader, PwC US

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