Audit Transparency Report

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Audit Transparency Report FY23

As PwC Australia’s new Assurance Managing Partner, I am pleased to provide you with our firm's FY23 Audit Transparency Report. This annual report provides comprehensive information on our system of audit quality management for FY23. It also includes key audit quality balanced scorecard measures such as our latest ASIC and PCAOB results, measures of audit quality culture and some important perspectives on our people.

While FY23 has been a difficult time for our people and our firm, we are proud of our Assurance team’s resilience and unwavering commitment to delivering audit quality. We are delighted to share our investments in people, culture and our system of quality management, and how we are performing.

This year we also note some actions that we are taking to continue to enhance audit independence, quality and confidence. One of these is to cease, by FY25, the provision of certain types of permitted ‘pure’ consulting services to our ASX and SEC listed external audit clients.

This commitment is about acknowledging that stakeholders expect more action than ever before when it comes to real or perceived conflicts. We’re focused on getting the balance right, while also ensuring our clients continue to have choice in who they work with for important services.

The types of services we will no longer provide our listed external audit clients are ‘pure consulting’ services such as advising a client on implementing a supply chain or other operational system.

We do not intend to change our approach to other types of permissible services for example permissible tax, other assurance and audit-related services, and diligence work.

As we look forward we are focused on making the changes that we have committed to as a firm, continuing to invest in our Assurance business, listening to your feedback and openly sharing the lessons that we have learned.

Download Transparency Report - Year ended 30 June 2023