PwC Isle of Man Transparency Report 2022

Welcome to our 2022 Transparency Report

This Transparency Report is published for our financial year ended 30 June 2022.

The report was approved and signed by Nick Halsall, as Territory Senior Partner on behalf of PricewaterhouseCoopers LLC ("PwC Isle of Man").

Our purpose and clients

Our Transparency Report provides information on the firm’s systems of quality control over audits. This report explains how the firm is governed as well as providing more detailed descriptions of our policies and processes, particularly as they relate to audit quality.

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with more than 327,000 people who are committed to delivering quality in assurance, advisory and tax services. We are committed to driving a strong culture of quality and excellence that is core to our purpose.

In the Isle of Man we are committed to providing a quality industry-focussed service to a wide range of clients, with a service offering of audit & assurance, tax, advisory and actuarial services. Operating from our Douglas office, we are proud to be a locally owned and controlled organisation of more than 100 staff with 14 Partners/Directors.

The New Equation

In June 2021 we unveiled, and in October 2021 officially launched The New Equation, PwC’s landmark global strategy which responds to fundamental changes in the world, including technological disruption, climate change, fractured geopolitics, and the effects of the COVID-19 pandemic. The New Equation is based on analysis of global trends and thousands of conversations with clients and stakeholders. It builds on more than a decade of sustained revenue growth and continued investment. The New Equation focuses on two interconnected needs that clients face in the coming years. The first is to build trust, which has never been more important, nor more difficult. The second is to deliver sustained outcomes in an environment where competition and the risk of disruption are more intense than ever and societal expectations have never been greater.

As part of The New Equation strategy the PwC network is making an incremental US $3bn investment in quality. This includes a $1bn investment in a multi-year programme to deliver a new audit ecosystem - human-led, tech-powered and data-driven. It will enable us to make continuous improvements to audit quality by further standardising, simplifying, centralising and automating our audit work, transforming the experience for our clients and our people. For more information on The New Equation, please see https://www.pwc.com/gx/en/.

Building trust and sustained outcomes

PwC’s approach to building trust is designed to meet rising expectations of transparency, accountability and stakeholder engagement. It combines expertise in audit, tax and compliance activities with a drive to expand specialist capabilities in areas such as cyber security, data privacy and ESG. It also recognises the importance of quality - and that reporting and compliance represent just one link in a chain that includes organisational culture, executive mindset, aligned standards, certified professionals, stringent controls, tailored technologies and appropriate governance.

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 then mobilise our expertise in areas including – among many others – strategy, digital services, value creation, people and organisation, tax, sustainability reporting, deals, business recovery services, regulatory compliance. Our new strategy builds on our ongoing commitment to quality.

You can download the full report at the link below and if there are any matters you would like to discuss please get in touch.