Audit Transparency Report

Message from our CEO

At PwC Australia, we are proud of the high quality audits we deliver. Audits are a cornerstone of a trusted and well-functioning capital market.

“Our audit services instill trust and confidence in the information companies report to both global and domestic markets. We recognise this will continue to evolve significantly in the coming years including the imminent requirement to report and assure sustainability information.”

We acknowledge that our firm has not always met the standards expected of us. Our past actions, although unrelated to audit quality, have unfortunately contributed to diminished confidence and trust in our firm and the professional services industry at large.

Following an independent review by Dr. Ziggy Switkowski AO, we outlined in September 2023 the actions we would undertake to strengthen our culture and governance.

We are making significant progress against these commitments, and over the course of this year have introduced a new business strategy and structure, a new leadership team, a new board, new risk systems, and new accountability measures.

Kevin Burrowes
CEO, PwC Australia

Message from our Assurance Leader

Welcome to our Audit Transparency Report

As PwC Australia’s Assurance Leader, it’s my privilege to release PwC Australia’s Audit Transparency Report for the year to 30 June 2024. The report highlights a year of positive improvement in many of our audit quality indicators, and describes our approach to maintaining the highest standards of quality across our Audit and broader Assurance business.

“Throughout the year, our commitment to audit quality investment, monitoring and learning has been evident, and I am proud of our Assurance team’s commitment to our clients, our teams, and each individual’s ongoing professional development.”

It was also a challenging year, where the firm underwent significant change as we addressed past failings. In light of Dr Switkowski’s encouraging comments on our Assurance business which he describes as ‘appearing to substantially model best practice’, our Assurance team has supported PwC Australia’s significant program to improve governance, culture and accountability as part of our Commitments to Change. Our firm has introduced a leading governance reform package, a new strategy which places culture at its heart, and appointed an Independent Chair and two independent Board members.

Other highlights include changes to lift the powers of our Governance Board, planned mechanisms for remuneration deferral and clawback for audit quality failures, and in the coming year we will voluntarily cease the provision of certain non-audit services to audit clients, to further strengthen independence. We also remain on track to publish the first set of audited financial statements from a Big 4 audit firm, next year.

As we reinvent PwC Australia and reposition for the future, we remain committed to taking steps that strengthen confidence among our valued audit clients, not only in the Assurance business, but in our entire firm.

Sue Horlin
Assurance Leader, PwC Australia

Key highlights