Our approach to quality

A specific focus on audit quality across the Network

The PwC Network’s Assurance QMSE framework

Delivering high-quality work is at the heart of what we do at PwC; it’s what our stakeholders rightly expect of us.

To deliver services in an effective and efficient manner that meets the expectations of our clients and other stakeholders, the PwC Network has established the Quality Management for Service Excellence (QMSE) framework which integrates quality management into how each firm runs its business and manages risk.

The QMSE framework is designed to align with the objectives and requirements of ISQM 1 and provides a model for quality management in PwC firms that integrates quality management into business processes and the firmwide risk management process. Under QMSE, our overall quality objective is supported by a series of underlying quality management objectives, and each firm’s SoQM should be designed and operated so that the overall quality objective, which includes meeting the objectives and requirements of ISQM 1, is achieved with reasonable assurance.

Overall quality objective under the QMSE framework: To have the necessary capabilities in our organisation and to deploy our people to consistently use our methodologies, processes and technology to deliver services in an effective and efficient manner to fulfil the expectations of our clients and other stakeholders.

Integrated and aligned in the right way

Our SoQM includes quality objectives which are identified from the following components of ISQM 1 as well as any additional objectives the PwC Network has identified in the QMSE framework:

Governance and leadership
Relevant ethical requirements
Acceptance and continuance of client relationships and specific engagements
Engagement performance
Resources
Information and communication

To help us achieve these objectives, the PwC Network invests significant resources in the continuous enhancement of quality across our network. This includes having a strong quality infrastructure supported by the right people, underlying tools and technology at both the network level and within our firm, and a programme of continuous innovation and investment in our technology. The PwC Network’s Global Assurance Quality (GAQ) organisation aims to support PwC firms in promoting, enabling and continuously improving Assurance quality through effective policies, tools, guidance and systems used to further promote and monitor quality and to build an appropriate level of consistency in what we do.

These elements have been integrated and aligned by our network to create a comprehensive, holistic and interconnected quality management framework that each firm tailors to reflect our individual circumstances. Each firm is responsible for utilising the resources provided by the network as part of our efforts to deliver quality to meet the expectations of our stakeholders.

Claudia Benz
Quality & Regulatory Partner
PwC Switzerland

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The Quality Management Process

The achievement of these objectives is supported by a quality management process (QMP) established by our firm and Assurance leadership, business process owners, and partners and staff. This quality management process includes:

identifying risks to achieving the quality objectives;
designing and implementing responses to the assessed quality risks;
monitoring the design and operating effectiveness of the policies and procedures through the use of processintegrated monitoring activities such as real-time assurance as well as appropriate Assurance Quality Indicators;
continuously improving the SoQM when areas for improvement are identified by performing root cause analyses and implementing remedial actions, and
establishing a quality-related recognition and accountability framework to both set clear expectations of expected quality behaviours and outcomes, and reinforce those expectations through consistent and transparent use in appraisals, remuneration and career progression decisions.

This involves the integrated use of Assurance Quality Indicators to aim to predict quality issues, Real-Time Assurance to aim to prevent quality issues, Root Cause Analysis to learn from quality issues and a Recognition and Accountability Framework to establish, communicate and reinforce quality behaviours, culture and actions.

Ethics, independence and objectivity

The trust that our clients, communities and our people place in PwC, and our high standards of ethical behaviour, are fundamental to everything we do. As we go about our work it’s important we have a frame of reference for the decisions we make every day.

Our Code of Conduct reinforces the importance of conducting business within the framework of professional standards, laws, and regulations, together with our own policies, values, and standards, even as we work across borders. It outlines the values and behaviours that define how we do business. It holds us accountable to be open-minded and responsive and to give our best.

What we achieve as PwC is entirely dependent on how we all individually put our purpose and our values at the centre of everything we do – every day, in every action. So let’s work together to build trust and solve important problems. Let’s encourage collaboration, cultivate curiosity and innovation, act with integrity and foster a sense of care, always.

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Claudia Benz

Partner and Quality and Regulatory Leader, PwC Switzerland

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