PwC Channel Islands Transparency report 2017
This Transparency Report is published in accordance with the requirements for third country auditors in Article 45 (5)(e) of the European Communities (Statutory Audits) (Directive 2006/43/EC) for our financial year ended 30 June 2017.
At PwC, as indicated earlier, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. The Transparency Report was approved and signed by Brendan McMahon as Senior Partner on 31 st October 2017 on behalf of PricewaterhouseCoopers CI LLP (‘PwC Channel Islands’).
Message from our Territory Senior Partner
I am delighted to provide this transparency report which provides key information about our firm on 30th June 2017.
In this report we share with you how we comply with our professional obligations and how we continue to build public trust through assurance. While our business is shaped and driven by our clients’ needs, our work also has a public service element, which is reflected in our publicly-stated purpose: “To build trust in society and solve important problems.”
Doing a great job for clients is a vital part of fulfilling our purpose. As we are serious about our purpose, we also need continue to do more – by helping strengthen trust in the business environment. How do we do this? Our ambition has always been about enabling clients to operate successfully within various systems – accounting, audit, capital markets, tax, legal and so on. When these systems are challenged, our purpose brings us an obligation to taking an active role in the conversation with all stakeholders, including policymakers, about how to improve them and keep them running smoothly.
Our clients ask us for help with a vast array of issues – be it digitising their operations, managing their talent better, complying with new audit requirements, or myriad other business problems. To marshal and direct our capabilities to greatest effect, we have a structure in which we can organise, develop and grow them internally. This structure consists of our three ‘lines of service’:
Assurance
Provides clients and their various stakeholders – including investors, markets, regulators, employees, customers and wider society – with confidence so they can trust in information, systems and controls, both financial and non-financial.
Advisory
Helping clients build and implement solutions focused on their strategy, technology, management and deals, to help them do business better and generate more value from transactions.
Tax
Helping businesses understand complex tax rules and make informed decisions, while also assisting governments in improving and running tax systems.
While these “boxes” are a useful way to organise our capabilities, their real role is to blend and target those capabilities to enable a fluid set of services and solutions that deliver the optimal outcomes. We ensure the capabilities in our Lines of Service evolve with our clients’ needs. For instance, in recent years we’ve responded to growing demand for data protection and cyber security services by expanding strongly in that area.
We continue to acquire and build new capabilities, to benefit our clients, our people, our firms and our network – while also helping to safeguard and grow our culture and values, and to maintain the consistency with which we understand and pursue our purpose.
We can only solve important problems if we remain relevant by ensuring we have the skills and capabilities for today’s challenges and not just yesterday’s.
Increasingly our clients tell us we win and retain audit mandates on the basis of our audit quality and the quality of our people, demonstrating our ability to differentiate in how we execute our audits, exceeding expectations in how we bring timely and relevant insights to life.
I hope you find this report insightful.
Simon Perry
Territory Senior Partner
PwC Channel Islands
Transparency and Audit Quality
Against the background of a challenging and increasing changing environment we are confident in our ability to demonstrate high standards in quality, independence, integrity, objectivity and professional ethics.
Quality has been embedded throughout the firm and endorsed in our policies including, ethical human resources and engagement performance
We are pleased with the recent findings from the most recent review by the Audit Quality Review (‘AQR’) team of the Financial Reporting Council in the United Kingdom. These results were endorsed by our own internal review procedures (see page 13). Where any reviews show that improvements are required in the PwC audit we undertake vigorous root cause analysis to understand and remediate where we need to improve.
Our external audit reports which are now required for all listed clients increases transparency where we detail the audit scope and approach, materiality, the risk areas identified and how our audit responded to these risks.
Our reputation is built on our independence and integrity. The leadership team take an uncompromising approach to our audit quality based on our firm's values of excellence, teamwork and leadership. We believe this sets the right tone for our firm.
Inspiring confidence in a Digital World
The world is changing faster than anyone could have predicted, with dramatic implications for our clients and for us. We are clear about the steps we need to take to inspire confidence in this new world. We believe our unique use of technology in executing our audits helps us continually build on our reputation as the world’s leading provider of audit services to become the leading provider of trust services.
It is the powerful combination of the best people, quality embedded in everything that we do, working with market-leading technologies that will enable us to continue to deliver our vision.
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