Research surrounding audit & pwc

Question 1

How much are PWC investing into the audit sector?(1)

Answer 1

Investing 30 million annually increasing work force and training for audit and aligning company values around this

Question 2

What is PWC?(1)

Answer 2

PwC is a network of firms in 158 countries which employ more than 250,000 people, including nearly 20,000 in the UK.
We provide assurance (audit), advisory and tax services, offering a wide range of services in those practice areas to companies of varying sizes and individuals.

Question 3

Why audit?(1)

Answer 3

• I want to join audit because I love idea of really getting behind the numbers of a business and understanding fully how it works and I think what better way than through financial statements
• I love that audit is based on integrity and I think we will at all point be an investor at some point or require to companies we put faith in to be just what they claim to be
• Examples of this going wrong include the recent carillion scandal with KPMG which cost 150m in taxpayer money and I mean unfortunately all of us are tax payers
• and the recent CEO survey conducted by yourselves highlights engagement of stakeholder community and trust as important directions for CEOs-trust and integrity come through audits highlighting the integral role audit plays in my life and that of others

Question 4

What is happening with Clariant?(1)

Answer 4

The company, whose products include construction chemicals and automotive braking and cooling fluids, is investigating whether employees incorrectly booked provisions and accruals with the aim of boosting results to meet targets. Accruals can lead to gains on a company’s income statement before cash has changed hands.
Actually one of pwc’s clients much like babcock-but investing 30 millions into increasing wokrforce and training which shows intention to grow and improve as a business and maintain customer faith

Question 5

Social mobility.(1)

Answer 5

Leading in the sector We recently formalised a partnership with the Refugee Council for the coming year. Expanding our current programme outside London to other regions, including the city of Leeds, will help us support the development of employability skills of close to one hundred refugees.

Question 6

Gender equality.(1)

Answer 6

Not just going along with the flow they are lead it-I want to be leading it also At the World Economic Forum in Davos in January 2015, PwC became an IMPACT 10x10x10 champion– making PwC one of the first 10 corporations around the world committing to take bold, game-changing action to achieve gender equality within and beyond their institutions.
We publish our gender pay gap and our diversity and inclusion team works hard to increase the opportunities of women within the firm.
Supports `HeforShe pledge

Question 7

Environmental stewardship.(4)

Answer 7

In September 2020 we made a worldwide science-based commitment to achieve net zero greenhouse gas (GHG) emissions by 2030
In July 2021, our targets were independently validated by the Science Based Targets initiative (SBTi). SBTi’s validation affirms PwC’s approach and timeline to achieve its net zero 2030 commitment. Importantly, PwC’s targets go beyond scope 1 and 2 emissions to include our largest indirect scope 3 emissions. Additionally, PwC has committed to the United Nation’s Race To Zero campaign and Business Ambition for 1.5°C, which aims to build momentum around the shift to a decarbonised economy.
This bold commitment means we are decarbonising the way we operate including a 50% reduction in scope 1 and 2 emissions and a 50% reduction in business travel emissions from a 2019 base. In addition, we will accelerate our transition to 100% renewable electricity. In 2021, we purchased 83% of our electricity from renewable sources, which supports our goal of becoming 100% renewable by 2022 across our 21 largest territories. In 2018, PwC became a member of the RE100, a global corporate renewable energy initiative bringing together large businesses committed to 100% renewable electricity.
- Importantly, PwC’s targets go beyond scopes 1 and 2 emissions to include our largest indirect scope 3 emissions. Additionally, PwC has committed to the United Nation’s Race To Zero campaign and Business Ambition for 1.5°C, which aims to build momentum around the shift to a decarbonised economy.

Question 8

Responsible business framework.(4)

Answer 8

• Working with purpose
• Empowering people and communities
• Becoming a net zero business-over the last thirteen years, we’ve decoupled our carbon emissions from our revenue growth, reducing our total footprint by 60% - exceeding that set out in the Paris Agreement revised to net zero by 2030
• Being a fair and trusted business

Question 9

Implementing climate into existing client dealings.(1)

Answer 9

Building on existing client work in sustainability and net zero transformation, we will infuse science-led climate analysis into our areas of service. For example, our Advisory practice will integrate climate risks into relevant engagements, providing clients with insights about climate risks and opportunities as well as helping them to transform their business processes. Another major focus area will be integrating climate-related and other ESG-related factors into mainstream corporate disclosures and governance, where PwC’s Assurance practice will support the development of high quality, aligned disclosure and measurement standards and help clients embed these into their reporting and governance. Across our Tax practice, we will be helping clients understand how net zero transformation will impact tax strategy, transparency and compliance obligations, subsidy and incentive opportunities, and revenue impacts for both public and private sector organisations.

Question 10

Diff grad jobs pwc offer.(10)

Answer 10

• Actuarial-In Actuarial Services you’ll help clients analyse how future events could affect them.
• Audit (obvs)
• Tax
• Consulting
• Risk
• Legal
• Deals
• Operate
• Tech
• Internal firm services

Question 11

New risks

Answer 11

• cyber crime

- data old but tolerance changing

Question 12

Put simply, climate change can increase costs and/or reduce revenue. So when looking at cash flows into the future, these climate impacts need to be factored in. This might include: (6)

Answer 12

-increased costs from raw material price increases, for example if the climate is affecting crop yields
-cost of energy efficiency compliance
-cost of carbon offset purchases to reach Net Zero commitments
-cost of carbon taxing
-reduced revenue from changing consumer demands, or
-reduced revenue from the outright ban of a key ingredient used in production and/or a finished good in its end market.
One example of climate risk is the proposed UK ban on gas boilers in new homes from 2025. In this example, it flows through the value chain to those supplying widgets into the boilers and out to the house builders requiring an alternative heat source for their developments.