Has anyone heard of the Center of Excellence?
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It's PwC's low cost center formed as part of project fit. More like the center of incompetence if you ask me.
Low cost centers are usually called CoE
The centers of excellence consist more or less of teams dedicated to testing specific FSLIs, like cash, and the end to end audit of the FSLI is done there. I've been told it's like a SDC but with the ability to exercise judgement. The idea is that since teams are focused on just one FSLI, then they'll be really efficient at it.
PwC 2- the pilot team is on a private client so they don't need to worry about a PCAOB review but I guess it was the partner on the job who wasn't sure how a PCAOB review would work.
Yes next year ... I mean I see this as a way to cut costs like decentralize everything. I imagine the only people left on the team are seniors and above. Are they going to follow up with the client ?
Believe if they own the area they'd have to be right?
At KPMG it was where people from nonUS KPMG offices sat for a rotation in the US.
The OP could be referring to something else. OP are you referring to internal COEs or client facing?
Curious what everyone's opinion is of this concept? PwC3 where did you hear about it?
In an email ^ ours are used for efiling
I've heard centers of excellence used as the cities that have the most knowledge in a specific field. I.E. New York, Chicago etc. being centers of excellence for our specific tax specialty field.
Interesting. How does it work for you? PwC 3 is referring to this concept expanding into Assurance.
PwC 2 - I think I first heard it from a director who's involved in transformation. A team in my office is also piloting it for 9/30 client. Folks are skeptical and question how a PCAOB review would handle it. The COE have their own partners to sign off on the testing, but it's thought that the PCAOB would ultimately look to the report signing partner for responsibility if the COE screwed up.
What if it worked like a component/group audit? In other words, if the screw up was in the high level judgments of the group team, it's fault of the group team, but if screw up is with execution on the FSLI the group team put the COE in charge of, then the COE Partner has full accountability from an ECR/PCAOB perspective?
PwC3 have you had an opportunity to ask that question of the people running the pilot? I have to imagine they've thought of that
The pilot isn't allowed to test anything that would ultimately end up in PCAOB. We're using them for SOC 1 and SOC 2s
Assuming they figure out the PCAOB thing, I can see this being good for publication too though imagine it'd take time to adapt. What does everyone else think?
I think they said they'd be rolling it out immediately at the last market team meeting I went to.