A transparency report for one of the Big Four accounting firms reveals that its Audit Quality Advisory Board has recommended it revise its internal audit practice documents to include a responsibility to act in the public interest.
PricewaterhouseCoopers has revealed that the board overseeing its audit practice has recommended that documents governing the work of the audit practice include the reference to the public interest.
This would align the documentation used in the audit practice with the overarching Code of Ethics that stipulates that accountants of the three major professional bodies are required to act in the public interest.
The firm has highlighted in its transparency report that it would bring the importance of the public interest role played by auditors to life in training programs and professional development activities.
Other recommendations from PwC’s Audit Quality Advisory Board’s review of the firm’s audit practice include that the firm ensure audit clients’ audit committees understand the fundamental role they play in contributing to a quality audit and for the firm to ensure that it has the right people engaged in audit.