“We maintain independence and a high level of quality in our audit work. Our policies, systems and processes exist for us to be able to uphold our commitment to our clients. We conduct key quality monitoring programmes and are subject to external reviews of our performance in this respect and we pride ourselves in fostering a culture of quality at every level of the firm, whilst measuring ourselves against very high benchmarks.”
An ever-changing world
At PwC Malta, we firmly believe that transparency is the key to building trust. It's what connects us with our clients, our team, our success, and most importantly, our integrity. Throughout this year, we've faced challenges like high inflation and rising interest rates, as well as geopolitical turbulence, but as a community, we've remained steady and stood strong.
The demand for our diverse range of expertise and services wouldn't be possible without the passion and dedication of our people, our most valued asset, who go above and beyond to exceed the expectations of our clients. This commitment thrives in a diverse workplace where individuals feel valued, driven, and accomplished. We're dedicated to creating an environment that fosters a sense of belonging through our values, such as Care and Working Together. We embrace diverse perspectives and backgrounds, which enriches our services and accountability, all built on a foundation of quality.
Excellence in all we do
We're continually ensuring that our System of Quality Management (SoQM) is of the highest standard, an ongoing process shaped by our firm's internal and external environment. This helps us monitor, evaluate, and respond to changes in quality risk effectively. Our main focus isn't just following predetermined rules, but tailoring risk responses to our assessment, helping us meet our quality goals. Over the past year, our SoQM, under Quality Management for Service Excellence (QMSE), has allowed us to adapt and respond to factors influencing our ability to uphold the highest quality audit engagements. It's important to acknowledge the supporting teams, including Risk & Quality, Human Capital, and Marketing & Communications, who ensure the delivery of high-quality work that keeps us at the forefront of the profession.
We maintain a high standard of audit work, independence, and systems, processes, and policies in place to provide the best service to our clients. We conduct various quality monitoring initiatives and undergo performance reviews in this regard. We hold ourselves accountable for fostering a culture of quality across the firm while assessing ourselves against exceptionally high standards.
Technology and ESG
Our dedication is also reflected in our firm’s investment in technology. It enables us to advance our next-generation audit, while continuously exploring and investing in new technologies that redefine and introduce innovations to our audit process. This supports us in better adapting to the ever-changing needs of our stakeholders while constantly enhancing our quality. We're committed to designing and implementing technological controls and processes that ensure the reliability of our audit technologies.
We also harness the expertise of our climate specialists across the firm to work alongside our audit teams, which helps them gain a deeper understanding of the climate-related challenges faced by our clients in various industries. Material climate risks and commitments are being thoroughly considered in the preparation of financial statements, giving businesses the confidence to make positive changes in line with ESG principles. This shift requires everyone involved in corporate reporting to come together to contribute to improved reporting.
Investing in growth
As industry experts, we lead and engage in discussions about transparency and suitability. We're open to feedback, as we're committed to enhancing the value of our audits and continue to proactively identify potential risks and adopt any recommendations that can help our service thrive.
The investments in our people, processes, technology, and quality reflect our growth over the past financial year ending in June 2023. We've seen growth in income from our statutory audits, and as we continue to invest in our practice, we're eagerly anticipating sustained growth. We're confident that this growth will come through our purpose as a practice and as a firm, leading the way into a future that combines human-led and tech-powered solutions for faster, more intelligent, and sustained outcomes. All of this is in line with our unwavering commitment to quality, independence, and objectivity.
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PwC Malta Annual Review 2023
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