I work at Big 4 and I’m just curious, how does PWC generally perform their audits so well? Do they risk assess a much larger portion of the financial statements in comparison to others and get away with it?

likefunnyhelpful
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They statistically have the highest pass rate for the PCAOB. It’s all listed online

likefunnysmart

Who says they do it better than the rest? (Ex-PwC here and I've never heard this)

like

What are you smokin?

likefunny

Pwc risk assesses less than others. We’re moving toward more, but I’m pretty sure we test a lot more than the others.

I think the advantage we have, if any, is in our technology (aura).

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That and the way everything is laid out in Aura. I work at a top 20 firm now and we use CCH engagement which I don’t really care for.

Their people are better duh.

On real note, relying on PCAOB stats is not enough imo. There’s more than just pure testing that goes into that pass or fail. Not as political as way back in the day, but not none as you may think.

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What do you mean by there’s more than just testing

Look back few years ago and the results.. they weren’t as peachy so as a result, the firm doubled down on quality

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Can’t be that much higher than the rest of the big 4. Marginally it’s probably insignificant, coming from a PwC

PCAOB stats don’t tell it all. They actually lead the pack in restatements since pcaob results started

PCAOB is just US, what about all other countries?

All foreign member firms have to register with the pcaob as well. Their work is subject to scrutiny as well.

Our internal standards are stricter than the PCAOB, so when we fail our own metrics we are still in compliance with PCAOB

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