PricewaterhouseCoopers LLP is investing $12 billion across its global business in an overhaul targeting better audits, digitization of services and greener operations.
Professional-Services Provider Will Hire Employees
The professional-services provider will hire 100,000 employees and develop the skills of existing staff over the next five years. According to an emailed statement on Tuesday, the company will respond to the post-pandemic operating environment.
“We will continue to evolve our ways of working, and expand our capabilities in the areas that matter most for the future while remaining steadfast in our commitment to quality,” PwC Chairman Bob Moritz said. “We want our people to be the most sought after in the market.”
The South African unit of PwC will add at least 2,500 new employees over the next five years, Chief Executive Officer in the region Dion Shango told reporters in a conference call.
Across Africa, where it has a presence in 34 countries, the firm plans to bulk up its operations with a $400 million investment. The company is also interviewing non-executive directors to strengthen audit oversight.
Transparency In The Profession From Stakeholders
The International Auditing and Assurance Standards Board have revised standards for auditors, coming into effect in 2022. A lot has changed during this pandemic which has affected the work-life and thus auditors are struggling to deal with quality management.
PwC is also seeking ways to address growing calls for transparency in the profession from stakeholders after several accounting scandals among the Big Four auditing firms knocked public trust.
PwC has also set aside $3 billion of its total global investment to help double the scale of its Asia-Pacific operations, it said. The firm’s spending will also focus on responding to environmental, social and governance trends across its operations.
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