Audit and assurance services form a major part of the work we do for our clients on a continuing basis. In Malta, PricewaterhouseCoopers is the leading professional services firm employing around 100 professionals in its Audit and Assurance Services. We are the leading audit service provider in Malta and our audit clients include companies involved in a wide range of businesses such as manufacturing, hospitality, retailing, information technology and financial services We carry out audit and assurance services to a number of listed companies, regulated entities such as insurance companies and other public interest entities. Our clients list includes not only subsidiaries of multinational groups but also the small and medium-sized local companies.
Our assurance team is highly trained and committed to provide statutory and regulatory audits of the highest standards. We aim to exceed client expectations, by continuously reviewing our own effectiveness and efficiency, and by maintaining close communication with the client throughout the audit process. Through a broad range of innovative, high-quality and cost effective solutions we can help your business improve its financial control and regulatory reporting system. In every case, the PricewaterhouseCoopers audit is underpinned by our deep industry knowledge, wide experience and global network of skilled professionals.
Based on the company’s needs, we offer specific individual assurance services such as listed below:
Statutory and contractual audits
The financial statement audit has never been more important. In today’s business environment there is more scrutiny and scepticism of a company’s financial statements than ever before. Investors are seeking more assurance in relation to corporate governance and reporting and they expect greater reliability, more oversight and clear evidence of internal controls. Corporate management, boards and audit committees, internal and external auditors all have important roles to play in providing assurance to investors by executing their respective responsibilities. Meeting investor expectations begins with the completeness and accuracy of information contained in a company’s financial statements.
For organisations that require an audit for statutory or regulatory reasons associated with the filing of their annual and periodic financial statements PwC can provide high quality audit services. Our statutory audit besides providing assurance on the truth and fairness of an organisation’s financial information would also provide advice on controls and processing system weaknesses and confirmation of accounting treatments with respect to complex transactions.
We take into account all current and where appropriate, prospective auditing, accounting and reporting regulations and guidance and can also address any specific regulatory requirements such as those resulting from the Listing Rules, Investing Services Act and the Insurance Business Act.
Regulatory compliance and reporting
Regulatory compliance and reporting needs to be viewed as a natural extension of the governance duties shouldered by top management and corporate boards. Moreover, only good governance can ensure that compliance is aligned with the company’s business objectives and risk management strategies and is thereby adding real value and not just costs to the organisation. Ultimately, the goal is to ensure that the spirit of compliance, as well as the letter of the law, is embraced in every corner of the enterprise.
For all organisations engaged in activities that are regulated, PwC provides support, advice, and assurance to help you manage your regulatory risks. In an ever-changing regulatory environment, we can help ensure that you identify, manage, and control any exiting and future regulatory risks. A proactive rather than a monitoring approach to regulation is now a full time strategic necessity.
Our people can also assist in the evaluation of new regulations on your business model, provide advice with getting your business authorised by a regulator or provide support in dealing with regulatory enforcement actions and remediation exercises.
IFRS Reporting
The good news: investors are now able to understand and compare financial statements from companies around the world. Result: lower cost capital more efficiently allocated. The not-so-good news: it's been a challenge getting through the IFRS conversion process and initial reporting period. Conversion to IFRS is much more than a technical accounting issue. IFRS may significantly affect any number of a company’s day-to-day operations or even impact the reported profitability of the business itself.
We have a proven track record in helping companies successfully complete the transition to new or revised accounting standards. Reflecting the complexity of the task at hand, we have a range of specialists to assist companies in the adoption of new or revised standards.
Systems and Process Assurance
The Systems and Process Assurance (SPA) group provides expertise in systems and processes controls across industries, including information technology controls.
This expertise is essential to providing trust and quality in the assurance business, with the renewed emphasis on controls, and secure, reliable and efficient information systems. Our SPA specialists are integrated into financial audit teams. SPA provides both audit and audit-related services such as compliance to regulations.
These include internal control reviews across business processes, applications (incl. ERP systems) and IT infrastructure components, as well as services to improve security and controls.
If your company requires an independent evaluation of processes and related controls, we can help. We ensure that you have adequate controls in place to mitigate the many risks facing your business. Our experienced, knowledgeable professionals can provide you with a robust, reliable risk management framework that can not only creates the key controls your company needs, but also ensure that key processes are providing reliable reports that will enable management to make informed business decisions. And, should the worst occur—a security incident, fire breakout, an IT systems failure — we can put in place a robust business continuity plan that not only documents the steps to be taken, but also makes sure that you have the resources needed and the procedures to be followed before, during, and after the crisis.
