Anda di halaman 1dari 39

Mindanao State University

ILIGAN INSTITUTE OF TECHNOLOGY


Andres Bonifacio Avenue, Tibanga, Iligan City

PricewaterhouseCoopers (PwC)

A Technical Report
Submitted in Partial Fulfillment
of the Requirements for the Subject

Auditing 1

Ahil, Smailah B.
Ali, Yasmerah M.
Dagohoy, Karen Anne J.
Decamotan, Angelu R.
Eman, Jane Michelle R.
Hoylar, Jesille Vir A.
Macabangkit, Bai Djanemah A.
Mindalano, Bainarih M.
Sebog, Mark Jison A.

March 2018
1

Table of Contents
I. Introduction 3
II. History 3
History of Price Waterhouse 4
History of Coopers & Lybrand 5
PwC: 1998 and Present 7

III. Organizational Structure


PwCIL Governance Bodies 9

IV. Network Firm - Isla Lipana 10


Purpose and Values 11
Corporate Responsibility 12
Industries Served 13
Organizational Structure 15

V. Services offered 16
VI. Practices on Ethics and Maintaining Independence 21
PwC’s Values and Behavior 22
RADAR: A framework for deciding the right thing to do 24
Recognizing The Event 25
Assessing the situation 25
Deciding what to do 25
Agreeing the way forward 25
Reporting and communicating 25
Common Practices within the Firm 25
Maintaining Independence 26
Independence-related tools 27
Disciplinary Policies and Mechanisms 28

VII. Internal Quality Control System 28


Quality Control Standards 28
Leadership Responsibilities for Quality within the Firm 29
Ethical requirements (including independence) 29
Human Resources 30
Engagement Performance 30
Monitoring of Assurance Quality 31
Acceptance and continuance of client relationships and specific engagements 31

VIII. Ethics in Engagement Teams 32


Integrity 33
Objectivity 33
2

Professional competence and due care 33


Confidentiality 34
Professional Behavior 34
Independence 35

IX. Developed technology 35


3

I. Introduction

PricewaterhouseCoopers (PwC) is a multinational professional services of network


headquartered in London, United Kingdom. The partnership was created by the merger of two
accounting firms, Price Waterhouse and Coopers & Lybrand, in 1998. As one of the largest
professional services firm in the world, PwC has member firms in over 150 countries and
employs 236,000 people. Its member firm in the Philippines is Isla Lipana & Co., which has been
an existing member of Price Waterhouse International - predating the formation of PwC in 1973.
PwC is organized according to service lines: assurance and audit, advisory, tax, and internal firm
services. As a service provider, it strives to build productive, long term relationships with clients
based on high ethical standards and innovative solutions.

II. History

Figure 1. PwC Global’s Timeline


4

The international partnership of PricewaterhouseCoopers is one of the world's top


accountancy firms. It was created in 1998 by the merger of two companies - namely Price
Waterhouse and Coopers & Lybrand, each with their own historical roots.

During the 1890s, both companies established their presence in the United States. The
American accounting as a profession was then a new undertaking, with limited experience, little
or no organized training facilities, and practically no authoritative means of establishing and
enforcing professional standards. Early founders of both firms were deeply involved in
professional organizations of the time and were instrumental in establishing the standards and
terminology of the existing accounting profession. By maintaining a firm stand on matters of
professional ethics, and by relying on British practice and precedent, these accountants played an
important role in developing American auditing standards.

History of Price Waterhouse

Price Waterhouse was founded in London in 1849 by Samuel Lowell Price, who wanted
to take advantage of England's recent parliamentary laws requiring the examination of a
company's financial statements and records. The public accounting profession was growing so
rapidly during these years that in 1865, ​he was joined in partnership by William H. Holyland and
Edwin Waterhouse​, to help with the expanding business. By 1874, the company name changed to
Price, Waterhouse & Co.

During the late 1860s and 1870s, while primarily working on arbitrations, bankruptcies,
and liquidations, Price and Waterhouse also developed a practice of introducing borrowers to
prospective lenders. At that time, many privately owned businesses were converted to public
companies and, consequently, reports on earnings signed by reputable accountants soon became
an indispensable ingredient in any firm's prospectus.

In 1873, the firm conducted their first US project. The growing US practice led to the
establishment of a permanent PW presence in the Western hemisphere, which began with the
opening of the office on 45 Broadway, New York City in 1890 by company agent Lewis D.
Jones. He was soon joined in America by William J. Caesar, who opened an office in Chicago. In
1895, the newly created Jones, Caesar & Co. was designated as an agent of Price Waterhouse.
5

After Jones’ early death, Arthur L. Dickinson replaced retiring Caesar as a senior partner of the
American firm. The firm enjoyed solid reputation and high business volume. By the turn of the
century, it built up a roster of clients which covered a wide range of industrial and commercial
fields in most sections of the country. Branch offices began to open throughout the USA and in
other parts of the world.

In 1907, Joseph E. Sterett, an American with his own successful practice, joined the
company. The American firm's name changed from Jones, Caesar, Dickinson, Wilmot & Co. to
Dickinson, Wilmot & Sterret. By the time Dickinson retired as a senior partner in 1911, the firm
grew large enough to need the committee structure. In 1913, the name of the American firm was
dropped in favor of the English name Price Waterhouse & Co. In 1982, Price Waterhouse World
Firm was formed.

History of Coopers & Lybrand

In 1854, William Cooper established his own practice in London, which seven years later
became Cooper Brothers. The firm's history in the United States began in 1898, when Robert H.
Montgomery, William M. Lybrand, Adam A. Ross Jr., and his brother T. Edward Ross formed
Lybrand, Ross Brothers and Montgomery in Philadelphia. During the early 20th century, their
offices spread across the country and in Europe. Their explosive growth ended with Great
Depression, which forced the firm to reorganize organizational structure and to shift the focus
from expansion towards flexible specialization, such as finding new types of services (tax
services, management consulting) for existing clientele. In the 1930s, LRB&M was contracted by
the federal government to investigate several banks and trust companies throughout the United
States - the work of unprecedented magnitude, ranging from investigations to a detailed audit
followed by liquidation proceedings.

After the death of Col. Montgomery in 1953, a new generation of leaders came to the
fore: Alvin R. Jennings, Walter A. Staub, Philip L. Defliese, Norman E. Auerbach. Under their
leadership, the firm experienced a major transformation. From a medium-size company focused
on auditing and was primarily national in scope, they transitioned into a multinational player with
a growing mix of consulting services. The boldest step they took was a 1957 merger between
Cooper Brothers & Co (UK), McDonald, Currie and Co. (Canada), and Lybrand, Ross Bros &
Montgomery (US), forming Coopers & Lybrand - a truly international powerhouse, operating
through 79 offices in 19 countries. 1950s also saw the addition of an autonomous line of
6

specialization in management consulting services. The company acquired a more formal


organizational structure and continued a policy of selective mergers, including an important
addition of Scovell, Vellington & Co. in 1962. In 1973, the American firm adopts the name
Coopers and Lybrand. The globalization and information boom led to an increased interest in
Knowledge Management, adding it to the existing mix of professional services. In 1990, Coopers
& Lybrand merged with Deloitte Haskins & Sells in a number of countries around the world.

The 1998 Merger


Price Waterhouse made yet another attempt at a merger in 1997 and came to an
agreement with Coopers & Lybrand. Although the merger was voted on by the 3,250 Price
Waterhouse partners and the 5,250 Coopers & Lybrand partners, the merger met some opposition
from the companies' clients and financial regulators. Christopher Pearce, finance director of
Rentokil and chairman of a group representing ​FTSE 100 companies' finance directors, told the
Economist t​ hat the merger will “reduce the choice for auditing services and increase the conflicts
of interest”.

These concerns, as well as those of financial regulators looking at conflicts of interest


between consulting and auditing branches of the companies, did not stand in the way of the
merger, which was completed in 1998. The combination of the fourth and sixth largest of the Big
Six firms resulted in a new industry leader in terms of size and revenues, with approximately
13,000 employees and revenues estimated at $12 billion. In the area of management consulting,
the merger created little overlap because the two founding firms specialized in separate industries.
It resulted in a combined revenue of $1.6 billion, making the new PricewaterhouseCoopers
second only to Arthur Andersen in consulting income. Nicholas G. Moore, chairman of Coopers
& Lybrand International, became the chairman of PricewaterhouseCoopers, and James J. Schiro,
chief executive officer of Price Waterhouse, became the CEO of PricewaterhouseCoopers.

Revenues for the newly formed company reached $15.3 billion in 1998. The company
continued to grow, acquiring several European consulting firms in the first half of 1999, including
the France-based SV&GM Group, the Italian consulting firm Galgan & Merli, and Belgium-based
KPMG Consulting. To support its rapid growth, the PricewaterhouseCoopers launched a brand
positioning ad campaign in 1999 designed to attract new employees.
7

PwC: 1998 and Present

The Price Waterhouse and Coopers & Lybrand merged in 1998 to grow in scale and more
effectively compete for large clients. After the merger, the firm had a large professional
consulting branch, generating much of its fees. Management Consulting Services (MCS) was the
fastest growing and often most profitable area of the practice, though it was cyclical. The major
cause for growth in the 1990s was the implementation of complex integrated Enterprise Resource
Planning (ERP) systems for multinational companies. PwC came under increasing pressure to
avoid conflicts of interests by not providing some consulting services, particularly financial
systems design and implementation, to its audit clients. Since it audited a large portion of the
world’s largest companies, this was beginning to limit its consulting market. These conflicts
increased as additional services such as outsourcing of IT and back office operations were
developed. For these reasons, in 2000, Ernst & Young was the first of the Big Four to sell its
consulting services to Capgemini.

Then came the financial auditing scandals of Enron, Worldcom and others, leading to the
passage of the ​Sarbanes-Oxley Act​. Hewlett-Packard was in negotiations to purchase MCS for
$17B prior to the scandal’s blast on the industry, but negotiations predictably broke down in
2000. SOX severely limited the interaction between management consulting and financial
auditing services even more. In response, the MCS division of PwC re-branded as PwC
Consulting.

PwC announced in May 2002 that its consulting activities would be spun off as an
independent entity and hired an outside CEO to run the global firm. An outside consultancy called
Wolff Olins was hired to create a brand image for the new entity, called “Monday”. The firm’s
CEO, Greg Brenneman, described the unusual name as “a real word, concise, recognizable, global
and the right fit for a company that works hard to deliver results”. These plans were soon revised,
however. In October 2002, PwC sold the entire consultancy business to International Business
Machines (IBM) for approximately $3.9 billion in cash and stock. PwC’s consultancy business
was absorbed into IBM Global Business Services, increasing the size and capabilities of IBM’s
growing consulting practice.

PwC started to rebuild its consulting practice with acquisitions such as Paragon
Consulting Group and the commercial services business of BearingPoint in 2009. The firm
8

continued this process by acquiring Diamond Management & Technology Consultants Inc. in
November 2010 and PRTM in August 2011. In August 2012, the firm acquired Ant’s Eye View, a
social media strategy development and consulting firm to build upon the its growing Management
Consulting customer impact and customer engagement capabilities.

In 2013, PwC decided to partner with Pneuron Corporation, an enterprise data integration
firm. This was to strengthen data management capabilities and solutions specifically to help large
firms manage massive amounts of data. The most recent and intriguing acquisition was
announced on October 30, 2013 – PwC made public its intention to acquire Booz & Company.
The deal was completed in April 2014, with the renaming of Booz & Co. to Strategy& following
shortly afterwards.

III. Organizational Structure

The PwC Network is composed of firms which are separate legal entities. These firms
operate under the PricewaterhouseCoopers International Limited (PwCIL), working together to
provide high quality services on a global scale while retaining the advantages of being a local
business. As member firms, they mutually agree to abide by and maintain certain common
policies of the PwC Network. The PwC Network is not an international partnership, meaning its
member firms are not legal partners to each other.

Figure 2. PwC Global’s Organizational Structure


9

PwC operates and has offices in over 150 countries. Each territory has a senior partner
who is also the Chairman and the Chief Executive Officer. He/She manages the firm in
accordance to the power and authority delegated to him by the firm's partners. The senior partner
appoints a leadership team or an executive/strategy team who assists in discharging his/her
responsibilities. Together, they establish and determine the effectiveness of the firm’s internal
control, including the controls regarding the quality of the firm’s audit services such as assurance,
tax and legal services, advisory, and internal firm services.

PwCIL Governance Bodies

The PwC International Limited (PwCIL) does not practice accountancy nor provide
accounting services to its clients. It serves only as a coordinating entity for the member firms of
the PwC Network. It has no control over the member firms’ exercise of professional judgment.
The governance bodies of PwCIL include:

1. Global Board
The Global Board is responsible for the governance of PwCIL, oversight of the
Network Leadership Team, and approval of Network Standards. It also ensures
accountability of the firms and protects PwCIL. The board members are elected by
partners from all of the member firms of the PwC Network.

2. Network Leadership Team


The Network Leadership team is responsible for setting the overall strategy of
PwC Network and the standards which the member firms must follow.

3. Strategy Council
The Strategy Council is composed of leaders from the largest PwC firms of the
network. They are responsible for the strategic direction and alignment for the
execution of the strategies of the PwC Network.

4. Network Executive Team


The Network Executive Team is responsible for the coordination of all activities
across all areas of the business. They also report to the Network Leadership Team.
10

IV. Network Firm - Isla Lipana

Figure 3. Isla Lipana & Co.’s Timeline


11

Isla Lipana & Co. is the network firm of PricewaterhouseCoopers (PwC) global in the
Philippines. It is a professional partnership for the practice of accountancy, established in 1922 by
Charles P. White and Percival and was originally called White, Page & Co. In 1951, the company
name changed to Stewart, Cunanan & Co. just two (2) years after a new partnership was formed
under Stewart, Dacanay and Cunanan & Co. In 1964, eight (8) years after Joaquin Cunanan
became the first Filipino senior partner of the company, they changed the company name to
Joaquin Cunanan & Co. and became a member of Price Waterhouse International in 1973. The
latter merged globally with Coopers & Lybrand to create PricewaterhouseCoopers (PwC) during
1998. In 2005, Joaquin Cunanan & Co. changed its name to Isla Lipana & Co. and in 2013,
Alexander B. Cabrera became their chairman and senior partner.

Purpose and Values

Purpose: ​Build trust in society and solve important problems.​


In an increasingly complex world, Isla Lipana & Co. helps intricate systems
function, adapt and evolve so it can benefit communities and the society – whether they
are capital markets, tax systems or the economic systems within which business and
society exist. They help clients make informed decisions and operate effectively within
them.

Values: ​Who we are, what we stand for, and how we behave.


Isla Lipana & Co.’s people come from different backgrounds and cultures, but
their values are what they have in common. It guides how they work with their clients and
with each other, informs with the type of work they do, and holds them accountable for
their work. It governs their actions and determines their success.

Their values help them work towards their purpose of building trust in society
and solving important problems.

The trust that their clients, communities, and their people know their place in
PwC, and their high standards of ethical behavior are fundamental in everything they do.
Their values underpin their Code of Conduct, which is their frame of reference for the
decisions they make every day.
12

Corporate Responsibility

Isla Lipana & Co. has many capabilities that are relevant to Corporate
Responsibility – the same ones they use in their businesses every day – and they aim to
put these to use in terms of working with others to make a difference. They help
organizations around the world strengthen their own CR agendas through the many
services that they provide every day. For example:

They review, advise, and transform thousands of businesses around the globe every year.
● They offer services that focus on enhancing trust and transparency between
government, business and society.
● They contribute to the development of the standards that underpin financial
systems and industries.
● They are developing new ways of measuring environmental, social and economic
impacts as well as other services through their Sustainability and Climate
practices.
● They are managing their own impact, but they are also uniquely positioned as a
professional services firm to help integrate and foster change around CR issues in
ways that have more widespread effects.

However, they want to go further. Through their own CR agenda, they can be
part of the solution to global challenges in two ways. They set their strategic intent as:

Doing the right thing​​, which means playing their part on responsible business issues that
are central to their business – from the quality of their services and the diversity of their
people, to their engagement with communities and their environmental footprint.
Being a catalyst for change​​, which is about using their skills, voice, and relationships to
work with others and influence activities that make a difference, create change and have a
lasting impact on the world.

These aims form the core of their global CR Strategy. Across the PwC network (the
Network), their firms support these network-wide goals. To align and structure their CR activities
across the Network, they focus on four areas in which PwC people across the world can play their
part in - responsible business, diversity and inclusion, community engagement, and environmental
stewardship.
13

​Industries Served

Isla Lipana & Co. has provided professional services in the Philippines for 95 years. They
stick to the highest quality standards in delivering audit and assurance, tax, and advisory services,
within and outside the Philippines. They provide services that are needed by the large number of
their clients, both local and foreign, across different industries. They mainly serve these
industries:

● Consumer and industrial products and services


A large number of their clients come from this complex market sector:
companies that manufacture and/or distribute consumer packaged goods,
automotive products, pharmaceuticals and industrial products, and retail services.
They also cover mining, oil and gas, and utility industries. Similarly, they serve a
cross-section of government agencies, organizations providing healthcare and
hospital services, educational and not-for-profit institutions, hospitality and
leisure industry providers, engineering and construction companies, mail and
transport operators.

● Financial Services

They also provide financial services to clients on some of the largest in


banking, capital markets, investment management, insurance and real estate.
They help their clients handle from day-to-day to complex business issues to help
them manage risk and improve performance.

Isla Lipana & Co. global network of professionals, breadth of service


offering, and solid experience in providing professional services offers their
clients the right global outlook they need to face the challenges of a fast changing
borderless business world.

● Technology, Info-Comm and Entertainment


Top media and entertainment groups are also in their client list. They
have developed services based on proven methodology to match the complex and
fast-changing needs of their clients. They provide the latest developments in
accounting and auditing, taxation, corporate finance, human resources
14

management, strategic change, process improvement, and information


technology, as well as business process outsourcing to give our clients distinct
competitive edge in market where they operate.

Their diverse team of experienced professional includes accountants, tax advisers,


systems analysts, economists, human resources professionals, project development managers,
industrial engineers, and investment advisors.

Their people are active in various professional, public and private sector organizations
and participate in public forums involving taxation, investment incentives and advocacy issues.
They also make sure that they keep up with the latest developments so that they can give their
clients informed advice on different issues that might affect their businesses. Furthermore, they
also perform audit, taxation, advisory and Japanese business services.

Isla Lipana & Co. delivers quality services to their clients through their main office in
Makati City and Cebu City and Iloilo City branches. Currently, they have 28 partners and over
1,000 professional staff. Their professional staff brings the breadth of experience necessary to
help you deal with the challenges arising from enormous pressures brought on by intense
competition, globalization, industry liberation, regulatory requirements and changing customer
expectations. Inevitably, to the clients senior management, these are risks, uncertainties and
complexities that need to be confronted.

Resources, such as PwC’s training courses and business planning materials’ library
greatly increase their capability in meeting project requirements. They have an arsenal of tools,
methodologies and frameworks that are proprietary to PwC, ensuring that the diagnostic is
thorough, effective, and efficient.

Isla Lipana & Co.’s access to PwC global network best practices databases, training
programs and technology enables them to provide clients with recommendations on how to
improve operations, save time or money, and otherwise increase shareholder value. They help
clients create stakeholder value, build trust and communicate in the marketplace.
15

Organizational Structure

Figure 4. Isla Lipana & Co. Organizational Structure

PwC Network follows a hierarchical structure in their employee structure. In order to move onto a
higher level, an employee must work hard and gain experience of a certain number of years.
Every member firm is headed by a Chairman who is also a senior partner. The Chairman, together
with the Vice Chairman, manages the firm. Under these positions are:

1. Associate
The associate is the entry level in PwC. As an associate, one learns all about the
business and develop core professional skills. Only after gaining one to two years of
experience can an associate get promoted to the Senior Associate position.

2. Senior Associate
The senior associate makes sure that all the projects currently being worked on
are carried out properly and the client’s needs are properly addressed. In order to
become a manager, he/she must acquire two to three years of experience.

3. Manager
The manager makes sure that the daily tasks and functions of the company are
being run smoothly.
16

4. Senior Manager
Handles all management related tasks and makes sure that the projects are
finished on time and within the budget constraint. He/She supervises the manager and
the associates.

5. Director
The Director makes sure that all the projects and functions of the company are
managed and administered appropriately. He/She supervises all working staff under
him.

6. Partner
The topmost position in the career hierarchy under the Vice Chairman at PwC is
that of the Partner. The partner is the real decision maker, the power holder and the
most important working member of the team. One can be a partner only after having
10 years of experience.

The internal firm services is the firm’s internal support. The Internal Team makes sure
that the firm has all the right resources, services and technology. Internal teams include:

1. Human Capital
2. Secretarial and Administration
3. IT Services
4. Marketing, Communications, and Business Development
5. Finance

V. Services offered

PwC is a global leader in professional services and provides industry-focused services to


build public trust and and enhanced value for its clients and and their stakeholders. Some of
these services are:

1. Advisory
By taking time to understand the business, the issues and challenges the firms are
facing, the Advisory teams use both global and local knowledge to help challenge
conventions, introduce and deliver strategies that work specifically for the firms.
17

a. Consulting
PwC has diverse teams of professionals who provides consultancy
services on how to accelerate digital and technology impact, align costs with
business strategy, grow and create competitive advantage, navigate risk and
regulatory complexity, optimise deals, secure assets, stimulate innovation,
transform human capital and unlock data possibilities.

b. Deal
PwC provides global network of industry-experienced deal advisors
coupled with data-driven insights that help support more confident decisions
regarding transaction and business recovery services, corporate financing, global
deals origination, deals strategy, global fund advisory platform, infrastructure
advisory, merger and acquisition tax, sovereign wealth funds, and valuation.

c. Forensic
Understand the firm’s vulnerabilities, prevent, respond to and remediate a
wide range of business threats, risks, and complex issues. These include
anti-corruption services, cyber security, fraud risk mitigation, investigation
services, dispute services, global intelligence and technology solutions.

d. Entrepreneurial and Private Clients


Assist the firm identify and manage the issues that arise in
entrepreneurial start-ups - developing digital operation, or broadening firm’s
range of products and services.

e. Family business services


Family-owned firms usually measures success in generation. PwC helps
these firms achieve their long term objectives by providing tools, people and
presence in managing family enterprise and building lasting value.

f. People and Organization


Firms need to redefine the way work gets done and create innovative
talent ecosystems that build engaged, enabled and agile workforces. And as the
firms face the future PwC knows that every organisation is different. Each has a
unique history, culture, leadership style and capability set in its employees. PwC
18

build tailored people and organisation solutions to help the firms achieve their
strategic ambitions to create lasting, differentiated value.

g. Sustainability and climate change


PwC helps future-proof businesses by making them more resilient, agile
and sustainable and provide guidance on a wide variety of issues, working with
clients from the corporate, private equity and public sector. PwC aids specialists
on how organisations can spot the risks and make use of the opportunities.

2. Audit and Assurance


Help the firms navigate regulatory complexity, strengthen trust and
transparency relating to financial statements, manage risk in business, improve firm’s
corporate reporting, plan firm’s regulation, execute a corporate deal and give
accounting advices.

3. Legal
With over 2,500 lawyers across more than 85 countries, PwC have the
broadest geographical coverage of any Legal Services network in the world. The
team assists the firms regarding the entity governance and compliance, immigration,
mergers and acquisitions, employment and international business reorganization.
They also help the firms with commercial litigation, cyber security and data
protection, financial services regulations, intellectual property, public law, tax
litigation, and corporate crime.

4. Taxation
As the leading provider of tax services worldwide in terms of size and scope
of tax practices, PwC combines a strong understanding of the business and economic
environments with tax specialists expert in both national and local jurisdictions across
the globe. Tax specialists help firms identify and reduce tax risks, understand and
meet compliance obligations, implement tax strategies that complement businesses
and operational objectives, resolve disagreements with tax authorities, and manage
tax accounting and reporting issues and design of best in class tax functions.
19

Isla Lipana & Co. as a member firm of PwC, has adopted few of the services offered by
PwC Global. Although Isla Lipana did not adopt all the services, they offer services which PwC
Global do not. These services are:

1. Audit and assurance services


Risk-based, top-down approach is the primary approach used by Isla Lipana
which provides the necessary framework that increases audit effectiveness and
efficiency, and clearly responds to a firm’s needs. They get a deeper understanding of
the business and industry, the internal control, business objectives and the risk
associated with those objectives.
Isla Lipana provides fresh perspectives for those in charge of corporate
governance best practices in corporate reporting and governance useful in discharging
governance responsibilities and building public trust. For those in charge of
operations and administration – Isla Lipana enhances their sense of responsibility and
ownership of day-to-day processes with the improved internal control environment as
a result of the audit. Some of their main Assurance services:

a. Statutory and regulatory audit


b. Review of controls and compliance to create parameters in financial performance
and operations of a business, risk exposure, and use of resources
c. Independent validation or assessment of financial and non-financial data
d. Public services audit and related services for government, education, and
non-profit organizations.
e. Risk assurance

2. Consulting
Isla Lipana’s regional presence brings access to the best of local knowledge
and an established network of sector expertise across South East Asia. Their teams
provide consultancy services on ways to accelerate digital and technology impact,
align costs with business strategy, grow and create competitive advantage, navigate
risk and regulatory complexity and transform human capital which were adopted
from the eleven consultancy services of PwC Global.
20

3. Taxation
Isla Lipana cover various considerations relevant to a particular firm, i.e.,
industry, market, finance, economics, and government regulations, to develop a
comprehensive tax strategy for the firm. Isla Lipana’s tax professionals provide
diverse disciplines to help firms minimize tax liabilities and meet compliance
obligations since firms require a variety of accounting, tax, and business services to
manage risks and gain competitive advantage. Tax professionals deal with main taxes
affecting all businesses and those in difficult areas such as international tax,
expatriate tax, and value-added tax. They can give the firms tailored, implementable,
and defensible tax planning structures.

A unique tax service is offered by Isla Lipana – Japanese business


development. Japanese business development group assists Japanese firms operating
or preparing to operate in the Philippines. Isla Lipana assures the proper service to the
Japanese clients despite the differences in cultures, languages, and business practices.

4. Accounting Services
Isla Lipana offers a team in place for the firms to address specific accounting,
payroll and tax compliance issues. The team will adopt a practical and pragmatic
approach to help review the firm’s accounting, payroll and tax needs and
requirements and identify what the true risks are for the firms. This makes sure that
any review or solution is entirely suitable for the firms and will not be a “one size fits
all” solution.

5. Deals
Isla Lipana help firms do better deals and create value through mergers,
acquisitions, disposals and restructuring. They work together with the firms to help
develop the right strategy before the deal, execute their deals seamlessly, identify
issues and points of negotiation and value, and implement changes to deliver
synergies and improvements after the deal. Some of Isla Lipana’s competencies
include corporate financing, financial due diligence review, vendor assistance,
commercial and market due diligence review, valuation consulting, structuring
services, feasibility studies and market research, post deal services, bid support
21

services, public private partnership advisory, business recovery services, dispute


analysis and investigations.

VI. Practices on Ethics and Maintaining Independence

Figure 5. Isla Lipana & Co.’s Purpose

Living Our Purpose

PwC conduct their business within the framework of applicable professional standards,
laws, and regulations together with PwC policies and standards. However, they also acknowledge
that these standards, laws, regulations and policies do not govern all types of behaviour. As a
result, they also have a Code of conduct for all PwC people and firms. The Code also provides a
frame of reference for PwC firms to establish more specific supplements to address territorial
issues.

By choosing to serve as auditors of financial statements and to provide other types of


professional services, PricewaterhouseCoopers (PwC) firms and their partners and staff commit
themselves to professional standards of objectivity, integrity and independence.
22

PwC’s Values and Behavior

Figure 6. Isla Lipana & Co.’s Values and Behavior

Act with Integrity


● Speak up for what is right, especially when it feels difficult
● Expect and deliver the highest quality outcomes
● Make decisions and act as if our personal reputations were at stake

Make a Difference
● Stay informed and ask questions about the future of the world we live in
● Create impact with our colleagues, our clients and society through our actions
● Respond with agility to the ever changing environment in which we operate

Care
● Make the effort to understand every individual and what matters to them
● Recognise the value that each person contributes
● Support others to grow and work in the way that brings out their best

Work Together
● Collaborate and share relationships, ideas and knowledge beyond boundaries
● Seek and integrate a diverse range of perspectives, people and ideas
● Give and ask for feedback to improve oneself

Reimagine the Possible


● Dare to challenge the status quo and try new things
23

● Innovate, test and learn from failure


● Have an open mind to the possibilities in every ideas

The PwC Ethics & Compliance helps individuals live the Firm’s values and behaviors:

Invest in relationships
● Demonstrate integrity and ethical behavior to our clients and each other
● Encourage others to include ethics information and topics in meetings,
newsletters, and everyday conversations

Share and collaborate


● Consult, consult, consult and use the Ethics & Compliance HelpLine
● Explain the rationale behind tough business/ethical decisions

Put ourselves in each other’s shoes


● Walk the talk; model ethical behavior, we each have ownership and
accountability
● Reinforce that it is a shared responsibility to question and challenge when they
see something that they feel approaches or crosses the line

Enhance value
● Know and uphold all professional standards, legal, and regulatory requirements
applicable to your work
● Building privacy awareness, responsibility, and action
● Make ethically responsible decision-making part of everyday behavior

PwC has a fully integrated Ethics & Business Conduct network. Supervision over ethical
matters in the firm is carried out by the regional Ethics and Business Conduct Leader. Each
country has a local Ethics and Business Conduct Team responsible for promoting ethics locally.
This includes, but is not limited to, communication and training to local country partners and
staff.. Each PwC office has access to the detailed supplementary guidance to our Code of
Conduct. This includes guidance on such matters as the receipt of gifts from clients, close
personal relationships and how staff should proceed if they become aware of an unethical
behaviour by any partner or employee.
24

The firm has a region-wide tool accessible to all partners and staff to enable the sending
of anonymous queries to a selected Ethics & Business Conduct Team. Individuals from outside of
PwC, including our clients’ personnel, can submit a query, including in an anonymous manner, by
using a global PwC communications tool available from ​http://pwc.com​. In the Philippines it is
called the Ethics Hotline. When potential non-compliance with our Code of Conduct is reported
or otherwise suspected, steps are taken to investigate, and where appropriate, remedy the
situation. Partners and staff are encouraged to report and express their concerns in an fair, honest
and respectful manner. PwC is committed to protecting individuals against retaliation.

While the Code provides a broad range of guidance about the standards of integrity and
business conduct, no code can address every situation that individuals are likely to encounter. The
Code is one of the many tools professionals have to guide their behaviour. It is not meant to be a
rule book. Another tool is the RADAR.

RADAR: A framework for deciding the right thing to do

Figure 8. RADAR

The RADAR decision making framework helps an individual to think and to build skills
in analysing ethical dilemmas, and, in doing so, make good decisions. In deciding on a course of
action, the steps and questions can help guide an individual's approach.
25

Recognizing The Event

Are you being asked to do something that you think might be wrong? Are you
aware of potentially illegal or unethical conduct on the part of others at PwC or a client?
Are you trying to make a decision and are you unsure about the ethical course of action?

Assessing the situation

Summarise and clarify your issue. Ask yourself, why the dilemma? Consider the
options and consequences. Consider who may be affected. Consult others.

Deciding what to do

Determine your responsibility. Review all relevant facts and information. Refer
to applicable PwC policies or professional standards. Assess the risks and how you could
reduce them. Contemplate the best course of action. Consult others.

Agreeing the way forward

Test Your Decision. Review the “Ethics Questions to Consider.” Apply PwC’s
values to your decision. Make sure you have considered PwC policies, laws and
professional standards. Consult others–enlist their opinion of your planned action.

Reporting and communicating

Communicate decision and rationale to stakeholders. Reflect upon what was


learned. Share your success stories with others

Common Practices within the Firm

1. Implementation of QWH (Quality Work Hours) Going home by 10PM to ensure a


work-life balance amidst the busy season.
2. Give Me Five! Asking for five minutes from each other whenever needed to
encourage courageous conversations.
3. Coaching. PwC is coaching. The associates are coached by their seniors and are also
assigned a buddy who is a seasoned associate.
4. Implementation of a dress code to always wear business attire (no jeans, no shorts, no
open toe sandal, etc.) in the office.
26

5. Everyone is expected to arrive before 9 in the morning and to render at least 8 hours
of service.

Maintaining Independence

All partners and staff have a role to play in ensuring that the firm and its personnel
comply with relevant auditor independence requirements. Thus, the firm implemented an
independence compliance program monitoring system and controls with the following key
elements:

a. Strict compliance on the firm's values (Act with Integrity, Work Together, Care,
Reimagine the Possible, and Make a Difference)
b. Self-assessment/confirmation process that is done by all partners and staff on annual
basis
c. Written independence policies and procedures
d. An automated financial interest tracking system and global restricted entity list
e. Ongoing independence training
f. Internal monitoring of our system of independence and the related controls including
annual testing of partner and directors independence
g. Responsibility for independence and the system and controls vested in senior
management
h. An appropriate "tone at the top" and culture relating to independence

Tone at the Top: The firm’s leadership is committed to taking all actions
required to ensure that PwC continues to stand for quality, independence, objectivity and
ethical behavior. The firm’s leadership regularly sends communications to partners that
include an emphasis on the importance of "standing firm on quality".

i. Prompt reporting of personnel employment negotiations with clients


j. Reporting by personnel of perceived and real independence violations
k. Disciplinary policies and processes
l. Controls over joint business relationships, non-audit relationships with audit clients
and fee arrangements.

The program requires that partners and staff examine and document any concerns over
the firm’s independence either in relation to the acceptance of a new client or a particular
27

engagement. Before any non-assurance engagement is accepted for an audit client, an inquiry is
made with the respective audit partner as to the permissibility of providing such services to that
client. The assignment can only be accepted once the respective audit partner confirms that the
proposed engagement is consistent with the applicable independence requirements.

An important aspect of PwC’s independence culture is the central support provided to


partners and staff in respect of independence relating to personal matters, non-audit services, fee
arrangements or other types of relationships. Should a client not accept clear accounting guidance,
audit results on material issues or behave in an unethical manner, the firm will support the
engagement partner in making the appropriate reporting decision even if that may result in
disengaging from or not accepting an assignment.

Independence-related tools

As a member of the PwC Network, the firm has access to a number of tools which
support PwC member firms and their personnel in executing and complying with the
independence policies and procedures. These include:

● Central Entity Service​​ (“CES”)


Contains information about corporate entities, including public interest audit
clients and SEC-restricted clients and their related securities. CES assists in
determining the independence status of clients of the firm before entering into a new
non-audit engagement or business relationship. This system drives the ‘Independence
List’ and also feeds Independence Checkpoint;

● Independence Checkpoint ​(“Checkpoint”)


Facilitates the pre-clearance of publicly traded securities by all partners,
directors and practise managers before acquisition and records their subsequent
purchases and disposals. Where a member firm wins a new audit client, this system
automatically informs those holding securities in that client of the requirement to sell
the relevant securities where required;

● Authorisation for Services (“AFS”) system


A global system that facilitates communication between a non-audit services
engagement leader and the audit engagement leader, documenting the potential
28

independence threats of the service and proposed safeguards, and acts as a record of
the audit partner’s conclusion on the acceptability of providing the service.

● Global Breaches Reporting System


Designed to be used to report any breaches of external auditor independence
regulations (e.g. those set by regulation or professional requirements) where the
breach has cross- border implications (e.g. where a breach occurs in one territory
which affects an audit relationship in another territory).

Disciplinary Policies and Mechanisms

The firm has disciplinary policies and mechanisms in place that promote compliance with
independence policies and processes, and that require any breaches of independence requirements
to be reported and addressed. This would include:

a. Discussion with the client’s audit committee regarding the nature of the breach,
b. An evaluation of the impact of the breach on the independence of the firm and the
need for safeguards to maintain objectivity.

Although most breaches are minor and attributable to an oversight, all breaches are taken
seriously and investigated as appropriate. The investigations of any identified breaches of
independence policies also serve to identify the need for improvements in the firm’s systems and
processes and for additional guidance and trainings.

VII. Internal Quality Control System

The firm’s detailed quality control procedures are set out in the PwC’s Audit Guide and
in PwC Risk Management policies and guidance. The following summarizes the key policies,
attitudes, behaviours and actions which ensures that they maintain a consistently high level of
audit quality.

Quality Control Standards

The firm’s quality control system is in full compliance with the International Auditing
and Assurance Standards Board (“IAASB”). The quality control system is embedded as part of
the day to day activities. International Standard on Quality Control 1, issued by IAASB applies to
all audit firms carrying out audits and reviews of historic financial information in accordance with
29

International Standards on Auditing. This standard sets out the required elements of the quality
control system which should operate in an audit firm. The requirements cover:
● Leadership responsibilities for quality within the firm
● Ethical Requirements (including independence)
● Acceptance and continuance of client relationships and specific engagements
● Human Resources
● Engagement Performance
● Monitoring

Leadership Responsibilities for Quality within the Firm

The firm’s leadership is committed to taking all actions required to ensure that PwC
continues to stand for quality, independence, objectivity and ethical behavior. The firm’s
leadership regularly sends communications to partners that include an emphasis on the
importance of "standing firm on quality". The same messages are contained in regular leadership
communications to all staff members. Equally important is leadership's regular communications
that alert the partners and staff about new standards and related guidance to assist them in
providing high-quality service to their clients.

Ethical requirements (including independence)

PwC adheres to the fundamental principles of the International Ethics Standards Board
for Accountants (IESBA) Code of Ethics for Professional Accountants, which are:
1. Integrity – To be straightforward and honest in all professional and business
relationships.
2. Objectivity – To not allow bias, conflict of interest or undue influence of others to
override professional or business judgments.
3. Professional Competence and Due Care – To maintain professional knowledge and skill
at the level required to ensure that a client or employer receives competent professional
service based on current developments in practice, legislation and techniques and act
diligently and in accordance with applicable technical and professional standards.
4. Confidentiality – To respect the confidentiality of information acquired as a result of
professional and business relationships and, therefore, not disclose any such information
to third parties without proper and specific authority, unless there is a legal or
30

professional right or duty to disclose, nor use the information for the personal advantage
of the professional accountant or third parties.
5. Professional Behavior – To comply with relevant laws and regulations and avoid any
action that discredits the profession.

In addition, the Network Standards applicable to all Network firms cover a variety of
areas including ethics and business conduct, independence, anti-money laundering,
antitrust/anti-competition, anti corruption, information protection, firm’s and partner’s taxes,
sanctions laws, internal audit and insider trading. PwC complies with these ethical requirements
seriously and strive to embrace the spirit and not just the letter of those requirements. All partners
and staff undertake regular mandatory training and assessments, as well as submitting annual
compliance confirmations, as part of the system to support appropriate understanding of the
ethical requirements under which we operate. Partners and staff uphold and comply with the
standards developed by the PwC Network and PwC leadership monitors compliance with these
obligations.

The firm has adopted the PwC Network Standards which include a Code of Conduct, and
related policies that describe the behaviors expected of its partners and other professionals-
behaviors that will enable us to earn the trust that we seek. Because of the wide variety of
situations that the professionals may face, the standards provide guidance under a broad range of
circumstances, but all with a common goal- to do the right thing.

Human Resources

Human capital is critical to the firm’s success. They are committed to create an
environment in which they are able to attract, develop, and retain the best and brightest in our
profession, and have been recognized by several different organizations for our successes in this
area. The people strategies—including how we recruit and deploy talent, develop skills, identify
diverse professional experiences, and provide coaching and feedback—are important to achieving
the firm’s quality objectives.

Engagement Performance

PwC believes that performing audits in accordance with professional standards is an


important way that will fulfill their purpose to build trust in society and solve important problems.
31

Before PwC issues its opinion, they conduct an audit following applicable auditing standards in
order to obtain reasonable assurance regarding whether the financial statements are presented
fairly, in all material respects. Although reasonable assurance is a high level of assurance, it is not
a guarantee. An audit involves examining the underlying audit evidence, including information
and reports provided by the company, on a test basis. At the same time they test, rely and, for
many public registrants, opine on a company’s internal control over financial reporting, which
due to its inherent limitations may not prevent or detect misstatements.

Monitoring of Assurance Quality

​One of the drivers of quality is the ability to identify opportunities for enhancement and
quickly respond. PwC used pre-issuance reviews and internal inspections to identify
opportunities to enhance quality. After performing an analysis to identify what may have
contributed to inspection comments, the firm develops appropriate actions, such as expanding
guidance, developing new or enhanced tools, or implementing additional training.
This includes effective monitoring processes aimed at evaluating whether the policies and
procedures which constitute the firm’s Quality Management System are designed appropriately
and operating effectively to provide reasonable assurance that the audit engagements are
performed in compliance with laws, regulations and professional standards.

Acceptance and continuance of client relationships and specific engagements

PwC have developed various processes and software to help teams with the process of
deciding whether to accept or continue with a client, or a specific engagement. They do not just
take on every prospective client, and just because a client has been a client of the firm for many
years does not mean that they will continue to remain one. Re-evaluation of client relationships is
necessary to make sure that the clients continue to meet the criteria of a party with whom they
want to do business. PwC considers resigning from any client where it is appropriate to do so.

Acceptance and Continuance (“A&C”), which serves as the PwC Network’s proprietary
decision support system for audit client acceptance and retention, involves in the determination by
the engagement team, business management, industry experts and risk management professionals
of whether the risks related to an existing client or a potential client are manageable, and whether
32

or not the firm should be associated with the particular company, its management and
shareholders. Among the issues that the firm considers during the course of the A&C process are:

● The reputation of the company and its management


● The effectiveness of its Board
● The background and experience of the company’s financial reporting personnel
● Any incentives or inclinations for management to manipulate reported result
● Any significant transactions structured to achieve revenue recognition
● Any unusually aggressive or creative accounting
● Any transactions which are complex, unusual or difficult to evaluate
● Any estimates that involve uncertainty or subjective judgments
● Any transactions with related parties that are not part of the consolidated group
● Any indications that the company might be in financial difficulty
● The expertise necessary to carry out a particular engagement

A&C is a powerful enabler, but the real backbone of the firm’s client acceptance and
continuance process is the significant time invested by the risk management and other senior
partners. The risk management partners are senior partners with stature and independence who
provide key input into the decision to accept or continue a client relationship.

Upon acceptance or retention of the client, the results of these assessments are
incorporated into the audit process, impacting for example the scope of work and assignment of
resources. PwC declines to propose, accept, or retain work when the risks are considered not to be
manageable, when the company involved will not agree on the scope of the work required or the
fee arrangement is otherwise unacceptable.

VIII​​. ​Ethics in Engagement Teams

In order to provide professional services that do not compromise the organization’s


values and the public’s interest, PwC engagement teams abide by their code of conduct. The
organization also implements various policies to ensure adherence to ethical standards and
addresses threats to the independence of engagement team members. PwC makes sure that
employees are well-informed of the organization’s commitment to comply with ethical
requirements through:
33

● Briefing of employees by the Human Capital Department on their first day of work to
discuss about the organization’s core values and practices in compliance with ethical
standards
● Distribution of printed copies of policies and guidelines about code of ethics to all
employees
● A confirmation exam conducted annually to test if employees truly understand and
comply with the requirements of the code of ethics and independence

Integrity

A positive work environment where trust is present among co-workers is achieved by


working with integrity. This involves being honest and truthful even if you stand alone in taking
the right moral ground. PwC acknowledges the magnitude of this ethical requirement.
Consequently, engagement team members who are caught violating such may receive a warning
or face dismissal, depending on the gravity of the case. The Ethics Committee overlooks the
implementation of the policies and procedures in relation to these rules.

Objectivity

Impartiality leads to an output that represents the real answer to an issue or the correct
evaluation of a subject matter. A service that does not take sides is fair and just. This contributes
to the value of the work being done and promotes the good reputation of the profession.

Objectivity and independence are closely associated. Objectivity is jeopardized by factors


that also threaten a firm or a team member’s independence, such as conflicts of interest. When
conflicts of interest arise, as when engagement team members have close family relationships
with employees of a potential or existing client entity, PwC reconsiders the acceptance or
continuance of the client. When a member of the engagement team or the firm itself is conflicted,
the firm generally does not accept the potential client or discontinue relations with an existing
client.

Professional competence and due care

The performance of any service offered by PwC requires knowledge of the fundamental
principles governing the service. Audit engagements demand proficiency and understanding of
the GAAP, GAAS, the applicable accounting standards, and the audit process in general. Tax
34

services, on the other hand, necessitate expertise in tax laws and regulations. Ethical requirements
emphasizes a standard of competence that a professional should possess in order to provide an
output that is of high quality and relevant to the task at hand.

PricewaterhouseCoopers (PwC) sees to it that its employees are equipped with


appropriate know-how of their work. At entry point, the firm only hires applicants with a CPA
license, which is considered as the accounting profession’s highest standard of competence and an
assurance of quality, and licensure exam passers who are also graduates with honors, topnotchers,
and student leaders. Also, engagement team members undergo rigid training and seminars before
the commencement of every engagement. For example, engagement team members assigned to a
cooperative client are mandatorily required to join a three-day seminar conducted by the
Cooperative Development Authority (CDA).

A quality service entails an output that is free from material error. PwC provides quality
work by reviewing work done by engagement team members and implementing the practice of
coaching. Seniors are assigned as coaches to specific associates and inexperienced team members.
Also, the seniors review the output of the associates. Meanwhile, managers review the output of
the seniors.

Confidentiality

Failure to properly secure and protect confidential business information can lead to the
loss of business or clients. In the wrong hands, confidential information can be misused to commit
illegal activity, which can result in lawsuits for the employer. Confidentiality in the engagement
team members of PwC is upheld through e-Learning and written confirmations. Constant
reminder of the policies and procedures is another method of confirming that this moral
obligation is observed.

Professional Behavior

Acting like a professional includes doing what it takes to make others think of you as
reliable, respectful, and competent. This is especially important in the auditing discipline since
behaving unprofessionally could tarnish one’s reputation, which will then take a long time to
rebuild.

Similar to what has been mentioned, regular training, exams, and reminders ensure that
professional behavior is observed within the engagement team level.
35

Independence

The auditor should be independent from the client company so that the audit opinion will
not be influenced by any relationship between them. The auditors are expected to give an
unbiased and honest professional opinion on the financial statements to the shareholders.

Before engaging in any field or client work, an independence questionnaire – usually in


the form of an online checklist, is answered by the engagement team members in PwC. Through
this, investments, close family relationships, and other possible threats to independence could be
addressed. If it is discovered that a member has not answered said questionnaire, an email will be
sent to that particular member as a reminder that such questionnaire is mandatory. Rotation is also
observed to mitigate threats to independence.

IX.​​ ​Developed technology

PwC continues to invest in audit technology that builds quality into the audit and
enhances their ability to provide insights to their clients. The technology is built and implemented
globally ensuring consistency across the PwC Network.These new tools that enhance audit quality
and efficiency through automation, connectivity and mobility include:

● Aura Now is an online, multi-engagement dashboard tool that allows teams to


monitor progress towards completion and other key information across their portfolio
of Aura engagement databases.

It visualizes the progress of an engagement, which enables our people to


prioritize their efforts. It also provides information regarding readiness for file
archiving to assist in preparing for and timing of archiving the audit file.

● ​Count ​is an electronic portal that allows teams to create instructions for the teams to
execute and document all aspects of an inventory count observation electronically. It
was built by PwC in response to feedback from teams that using a mobile device
would improve the quality and execution of inventory counts.
● Connect is the firm’s collaborative workflow tool, providing fast, efficient and
secure information sharing at every stage of the audit. It monitors the status of
requests and information between our clients and the engagement team on a real time
36

basis. Connect provides visibility for both the clients and the firm to be able check
progress on the go, anytime, anywhere.
● Halo ​is the firm’s new data auditing suite of tools allowing them to identify and
assess risks and determine where to focus audit efforts. The analytical and
visualization capabilities allow them to analyses patterns and trends, identifying
unusual and high-risk transactions, and providing invaluable insight to both the firm
and the clients. Halo comprises of three key components – acquisition of client data,
transformation of data and applications for automated testing and analysis of data, for
example, Halo for Journals allows engagement teams to gather all journal entries and
utilize built-in functionality to apply engagement specific criteria designed to focus
testing on higher risk entries.
37

References:

Interviews
Cao, Allan (2018, March 14&16). Telephone interview.
Hipayo, Jeffrey (2018, March 14). Telephone interview.
Hipayo, Jeffrey (2018, March 12). Email interview.
Tumanda, Jenessa (2018, March 17). Email interview.

Websites
"Attending to your needs". (n.d). Retrieved from
https://www.pwc.com/ph/en/services.html
“How we are structured”​. (​n.d.). Retrieved from
​https://www.pwc.com/gx/en/about/corporate-governance/network-structure.html
“Industries”. (n.d.). Retrieved from
​https://www.pwc.com/ph/en/industries.html
“Our history”. (n.d.). Retrieved from
https://www.pwc.com/ph/en/about-us/our_history.html
“Our Purpose and values”. (n.d.). Retrieved from
https://www.pwc.com/ph/en/about-us/our-purpose-and-values.html
“PwC's Global code of conduct”. (​n.d.). Retrieved from
​https://www.pwc.com/gx/en/about/ethics-business-conduct.html
“PwC Interviews and Consulting Culture”​. (​n.d.).Retrieved from
https://managementconsulted.com/consulting-interviews/pwc/
"Services". (n.d.). Retrieved from
​https://www.pwc.com/gx/en/services.html
“The Society of Corporate Compliance and Ethics”​. (​n.d.). Retrieved from
https://www.corporatecompliance.org

Annual Online Reports


PwC Uk. (2016).2016 annual report of the PricewaterhouseCoopers.​ Retrieved from
https://www.pwc.co.uk/annualreport/assets/2016/pdf/annual-report-2016-transparency-report.pdf
PwC Us. (2017).2017 annual report of the PricewaterhouseCoopers LLP.​ Retrieved from
​https://www.pwc.com/us/en/about-us/assets/pwc-us-fy17-transparency-report.pdf
38

Articles Retrieved from a Database


PricewaterhouseCoopers LLP (2009) ​PricewaterhouseCoopers records, 1891-2000​. ​Retrieved from
http://www.columbia.edu/cu/lweb/archival/collections/ldpd_6898059/index.html

Anda mungkin juga menyukai