Message from our Risk Partner
This year has been another one of disruption with geopolitical uncertainty and economic challenges. In this increasingly complex and changing environment, we have continued to invest heavily in our approach to risk management.
Our Transparency Report is designed to give our stakeholders important information relating to our firm (particularly the audit practice) and on the manner we manage our risks and quality, i.e. our quality management system. As the audit profession continues to be under significant scrutiny, it is critical to share insights into what we do, and how we do it.
Our transparency report therefore talks about:
- Our risk assessment process
- Our culture and values
- Leadership and tone at the top
- Accepting new clients or engagements
- Monitoring independence compliance requirements and managing conflicts of interests
- Recruiting, training and rewarding our people
- Confidentiality and information security measures
- Supporting and monitoring engagement performance
- Our preventative and detective controls
We continue to invest significantly in quality:
- The number of hours spent during financial year 2023 on monitoring and testing our system of quality management amounted to around 9000 hours
- The total number of hours spent on annual training across the firm amounted to approx. 85,000
- 100% compliance confirmations received from our principals and staff members.
In addition to the above, we continue encouraging a speak-up culture if someone comes across a situation that is inconsistent with our Code of Conduct. This Code sets out a common framework around how we are expected to behave, do business and to do the right thing. It outlines our core principles (integrity, objectivity, professional competence and due care, confidentiality and professional behaviour) and it holds us accountable to always give our best.
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PwC Malta Annual Review 2023
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