4 key concepts in audit quality

April 5, 2021 3:15 PM

Quality is the “North Star” of PricewaterhouseCooper’s audit service, according to vice chair and assurance leader Wes Bricker, but it’s supported by four key concepts that advance the firm’s audit strategy.

(For more, see "A new eye on audit quality.")

1. Simplification

“Simplification is about taking unnecessary complexity out,” Bricker explained. “We have to actively think about how we simplify our end-to-end audit process. We’ve been very focused on that, and that impacts our people experience and that impacts our client experience; it takes the unnecessary complexity out so we can focus on the things that matter.”

2. Standardization

“That’s about taking a look at where we can work at scale on a centralized basis,” Bricker said, though he was quick to point out that, unlike many efforts at standardization, this is more about making sure all work is done at the same high level, and not about saving money. “It’s not a cost decision; it’s about consistency of execution, which contributes to quality.”

3. Specialization

“Specialization is about bringing in the right knowledge at the right points so that our people are spending time on areas that require the greatest judgment,” he explained. “Specialization helps us be relevant, because we’re working on areas of risk that have consequence to users of our service.”

4. Automation

“Automation is the last piece. Automation is how technology can harness points in the audit process to achieve synergy between our people and the machines that they use, so that the sum is greater than those individual parts,” Bricker said. “That takes a workforce that is upskilled that understands technology and its role; it also takes investments in technology so they have the tools, and then putting together people and technology to create something much greater than either of those individually, and helps us drive the process, deliver quality, increase the value, and create a better experience.”

For more, see our feature, “A new eye on audit quality.”