Our annual audits benefit from three important interwoven factors: knowledge, reputation and a smarter way of working. The auditor needs to fulfil his or her role by generating new insights based on the diligent performance of his or her task. These insights are intended for the audited organisation, but also the wider group of stakeholders in the audited organisation.
They inform the readily understandable communications sent to executive and supervisory directors during our audit, documents that are also meant to help organisations make their relevance widely known. These insights may fall within the scope of the financial statements, but may also have an impact on such issues as strategy, the factors that determine the value of a business and the risks associated with them, as well as any new developments such as working in the cloud and cyber security. In brief, more than just the financial statements may be involved.
Our insights only remain credible as long as our reputation remains unchallenged. Reputation is a long-term concern and is closely associated with the conduct of our organisation. The starting point for our concerns about reputation is therefore quality. The provision of qualitatively high-grade services means more to us than simply excelling in terms of specialised knowledge and compliance with the code of ethics and rules of the profession. It also involves the manner in which we provide added value for our clients and satisfy the needs of participation in the community. We accomplish this by being involved and, when appropriate, inspiring others to build trust in organisations and the community at large.
Insight and reputation on their own are not enough. We are constantly seeking new ways to be smarter in what we do. We can work more effectively by building increased safeguards into the audit procedure where necessary, as well as simplifying and standardising wherever possible. We can also examine data in a more informed manner and structure audit files more effectively by making the best possible use of technology. We call this our "Way of Working".
It is an attitude that promotes a culture in which professionals display their pride in the accounting profession, are unsatisfied with the "status quo", continue to seek improvements in our audit procedure and demonstrate the importance of qualitatively high-grade audits to clients.
© 2015 - 2021 PwC. PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.