PwC Poised to Close Profession's “Expectation Gap”

Auditing firm PricewaterhouseCoopers LLP is working to close the gap between what the public assumes auditors provide and what current accounting standards actually require, the firm's chairman, Dennis M. Nally, told 400 business executives at the Economic Club of Detroit.

Stressing that a high-quality audit is essential to delivering the level of assurance investors require, he said PwC is working to close the “expectation gap” so that investors may better evaluate a company's true condition, and to restore investor confidence in the profession.

“This is nothing less than what the investing public expects from us,” Nally said.

Among PwC's efforts and recommendations:

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