Welcome to our 2021 Transparency Report
We are pleased to present our Transparency Report for 2020/21, which shows how we maintain quality in our audit work. The report describes our policies, systems and processes for ensuring quality and the way we foster a culture of quality at every level of the firm. It details some of the companies we performed audits for and the total revenue from our audit and non-audit work. The audit profession continues to face challenges as the expectations that society places on us changes fast due to big trends like demographic shifts, technological advances, flow of information instantaneously and many others. We understand the need to adapt to changes and set high quality standards for all client engagements and all types of service we deliver.
While PwC is a multidisciplinary firm, our 2021 Transparency report gives you information about our systems of quality control over audits and how the firm is governed. It also describes our policies and processes. This report is primarily focused on our audit practice and related services and included in the report is an update from Ljósbrá Baldursdóttir, who leads our audit practice.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 156 countries with more than 295.000 people who are committed to delivering quality in assurance, advisory and tax services.’ We are committed to drive a strong culture of quality and excellence that is core to our purpose. Our people are key to performing high quality audits and we draw upon a wide range of specialist skills across our multidisciplinary practice. That’s why we maintain a constant emphasis on our purpose and values that address integrity and independence.
We continue to invest in our people by providing ongoing professional and personal development, with in depth training. We have taken steps to align our business to support this focus on audit quality. We continuously invest in innovation and new technology to support our services across the firm, to meet the changing audit challenges in a digital age and to enhance the quality of our audit services. Taken together, these measures represent a significant transformation of our audit business and support our focus on audit quality and our public interest responsibilities.
We hope that our Transparency Report will provide you with useful insight into a number of significant matters relating to PwC.
Ljósbrá Baldursdóttir
Territory Senior partner and CEO
Ljósbrá Baldursdóttir, Territory Senior partner and CEO, PwC Iceland
Code of conduct PwC
The PwC Code of Conduct defines the working methods and behaviors we expect of all our employees; to work as professionals, to do business with integrity, to honor the reputation of our clients as well as our own. Treat people and the environment with respect and always act with social responsibility.
The Code is an appendix to the laws, rules and internal policies we follow. The reason why we have implemented a special code of conduct is because we believe it is important that our customers, staff and others understand what we stand for and what they can expect from us. The PwC Code of Conduct is an integral part of our work practices around the world. We work towards common goals and consider the moral aspects of our work.
Third party code of conduct
Our standard
PwC is committed to monitoring compliance against its internal standards and policies. Compliance with our standards and policies is an important component to the success of PwC.
How this applies to third parties
PwC expects Third Parties to have processes and controls in place to comply with this Code. Where appropriate, PwC conducts risk-based due diligence on Third Parties as part of assessing its relationship with Third Parties. PwC expects Third Parties to provide complete and accurate information to facilitate due diligence efforts undertaken by PwC, where requested. If PwC determines that a Third Party has breached this Code, it may require the Third Party to implement a remediation plan, or, in certain circumstances, it may suspend or terminate the relationship with the Third Party.
