Transparency Report 2016 Access to our quality control - PwC … oss/pwc-transparency-repo… ·...

Transparency Report 2016Access to our quality control

www.pwc.no/aapenhetsrapport

The report gives insightinto how PwC work to ensure quality in the audits we conduct.

2 Transparency Report 2016

The ongoing work of the Auditors Act Commission related to Norwegian implementation of the EU-directives is important to the industry. We hope that we will get a modern regulatory framework, which is harmonised with the rest of Europe, and that Norwegian special provisions are removed to the extent possible.

Technological changes are part of everyday life. We put substantial efforts into leveraging the opportunities that digitalization provides. In autumn 2015, PwC Norway implemented Google for Work, as the second country after the United States. This platform facilitates better collabora-tion and more efficient solutions for interaction. New techn-ological solutions will help us improve the quality of our services, while at the same time deliver our services more efficiently.

It is of principal importance for us to contribute to increase trust in society. A trust that is crucial to ensure a continued high value creation in Norway.

In this report, you will find detailed information about our people, our quality systems and our financial position. Enjoy reading!

Håvard S. AbrahamsenChief Executive Officer

PwC Norway is part of a global network with more than 208 000 people in 157 countries. PwC’s purpose is to build trust in society and solve important problems. We do this through a network of auditors, advisors and lawyers. PwC renders services to a number of the world’s leading companies, both private and public, NGOs and the governments of various countries.

Quality and transparency are key assumptions for building trust. Our goal is to deliver high quality services to our clients. High quality deliveries require that we have the right people with the right expertise and experience. At PwC, we use considerable resources to attract and develop the people that we think are the right ones to meet our customers and their challenges. Each year we conduct a major survey measuring staff satisfaction (the Global People Survey), and the results in Norway are perceived as good. Over 80 % of our employees and partners say they are proud to be working with PwC. Proud and satisfied members of staff are an important foundation for quality.

Quality also means quality of internal systems and procedures. We continuously strive to develop and improve our internal routines and procedures. Client satisfaction is an important indicator in measuring quality. We obtain customer feedback through a system that enables us to respond to the suggestions that our customers have with regard to our services. Further, we conduct an annual independent customer satisfaction measuring with the assistance of an external consultancy firm. This measuring gives us invaluable insights on key areas of our services.

Introduction

Håvard S. Abrahamsen

Chief Executive Officer

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Contents

Organisation and ownership 4

PwC Norway’s organisation and governing structure 6

Quality control system 8

Ethical requirements 14

Independence policies 16

Acceptance and continuance process 18

External monitoring 19

Professional development 20

Remuneration of partners 21

Statement from the Board 22

Financial information 23

Public interest entities audited by PwC Norway 24

List of partners 26

Our offices 28


PwC in Norway consists of the Norwegian companies PricewaterhouseCoopers AS (PwC AS) company no. 987 009 713 (audit-, accounting- and advisory services and member of the Norwegian Institute of Public Accountants and authorised accountants) with the subsidiary Pricewa-terhouseCoopers Accounting AS company no. 987 372 451 (authorised accountants), and Advokatfirmaet Pricewaterhouse-Coopers AS company no. 988 371 084, with the subsidiary Pricewaterhouse-Coopers Skatterådgivere AS company no. 962 066 321. The two last mentioned companies constitute a group that offer tax and other legal advisory services, and are not included in PwC AS with subsidi-aries engaged in audit-, accounting- and advisory services. The groups of compani-es are considered associated companies in accordance with the Auditors Act § 4-7 first paragraph. The groups are referred to as PwC Norway. All business areas in PwC Norway are subject to a quality control system based on PwC’s global policies.

PwC AS is an authorised audit firm according to the Auditors Act and it is PwC AS that is the elected auditor. In addition, PwC AS is an authorised accounting firm following the provisions in the Norwegian Accountant Act. The firm’s shares are divided into two share classes, A and B shares. Only the A shares have voting rights in the General Meeting. Different dividends in the A and B class shares can also be approved. The majority of the partners own their B shares through holding companies. Partners own from one to eight B shares and up to one A share. As of 1 July 2016 there are a total of 152 partners, of which 42 partners hold one A share each. The audit business has 84 partners, advisory 41 partners, accounting one partner and the legal practice has 26 partners.

Organisation and ownership

Our Chief Executive Officer Håvard S. Abrahamsen represents PwC Norway onthe Global Board.


About PwC

PwC provides services in auditing, advisory, tax and legal to public and privately owned businesses. Based on our wide range of expertise, we contribute to good corporate governance among our clients and positively influence their ability to create value. Together we build trust in society and solve important problems.

State authorised auditors own the majority of the shares in PwC and have the formal and actual control over the audit firm in accordance with the Auditors Act.

PwC AS is principal and fully responsible participant in PricewaterhouseCoopers Inner Company (PwC IC). The partners are silent participants in the inner company. The main task of the inner company is to regulate the division of responsibility between the owners. PwC IC does not act as a company externally.

Advokatfirmaet PricewaterhouseCoopers AS is organised and operated in accordan-ce with the regulations in the Courts Act and is owned by partners who exercise their activity through Advokatfirmaet PricewaterhouseCoopers IC.

The subsidiary PricewaterhouseCoopers Accounting AS is operated in accordance with the regulations in the Accountant Act and is fully owned by Pricewaterhouse-Coopers AS.

The accounting year for PwC AS compri-ses the period 1 July to 30 June.

Cooperation agreements in NorwayPwC Norway has no cooperation agree-ments with other auditors or audit firms in Norway. There is an extensive cooperation between PwC AS, Advokatfirmaet PricewaterhouseCoopers Skatterådgivere AS, Advokatfirmaet Pricewaterhouse-Coopers AS and PricewaterhouseCoopers Accounting AS. The firms are therefore to be treated as one in terms of the indepen-dence rules in the Auditors Act.

International cooperation agreementsPwC NetworkPwC is a global network of separate firms, operating in countries around the world. The PwC firms are members of Pricewa-terhouseCoopers International Limited and have the right to use the Pricewater-houseCoopers name. As members of the PwC Network, the PwC firms share knowledge, skills and resources. The membership enables the PwC firms to work together in order to provide high quality services on a global scale to international and local clients, while retaining the advantages of being local businesses – including being knowledgea-ble about local laws, regulations, stan-dards and practices.

Being a member of the PwC Network also involves a commitment to comply with the common guidelines and standards of the Network. Each firm engages in quality control and compliance monitoring activities, covering the provision of services, ethics, Code of Conduct and compliance with the specific, strict standards for independence monitoring and security.

PricewaterhouseCoopers International LimitedPricewaterhouseCoopers International Limited (PwCIL) is a UK private Limited Company. PwCIL acts as a coordinating entity for the PwC firms and does not provide services to clients. PwCIL works to develop and implement policies and initiatives to create a common and coordinated approach for PwC firms in key areas such as strategy, brand, and risk and quality. The PwC firms use the PwC name and the resources and methodologi-es of the PwC Network. In return, PwC firms are required to comply with common policies and the standards of the PwC Network. Policies and standards following from Norwegian regulations supplement those of the PwC Network.

A PwC firm of PwCIL cannot act as agent of PwCIL or any other PwC firm. A PwC firm is only liable for its own acts or omissions and not those of PwCIL or any other PwC firm. PwCIL has no right or ability to control any member firm’s exercise of professional judgement.

The governance bodies of PwCIL are:

• Global Board, which is responsible for the governance of PwCIL, the oversight of the Network Leadership Team and the approval of network standards. The Board does not have an external role. Board members are elected by partners from all PwC firms around the world every four years.

• Network Leadership Team, which is responsible for setting the overall strategy for the PwC Network and the standards to which the PwC firms agree to adhere.

• Strategy Council, which is made up of the leaders of the largest PwC firms of the Network, agrees the strategic direction of the Network and facilitates alignment for the execution of strategy.

• Network Executive Team, is appointed by and reports to the Network Leadership Team. Its members are responsible for leading teams drawn from Network firms to coordinate activities across all areas of our business.

Our Chief Executive Officer Håvard S. Abrahamsen represents PwC Norway on the Global Board.


PwC Norway’s organisation and governing structure

It also falls within the Board’s executive work to process the Chief Executive Officer’s profit sharing proposal and to put forward a motion to the General Meeting to determine the profit sharing. A sanction committee consisting of the Risk & Quality leader and two Board members supports the Board’s work. The Sanction Committee has an important function in maintaining the quality of our services through its decisions about sanctions in case of breach of established Risk & Quality routines. The Sanction Commit-tee decides sanctions on behalf of the Board. The Board is responsible for executing the decisions made by the committee, which includes the impact on the partners’ compensation in case of breach of the firm’s policies.

Chief Executive OfficerThe Chief Executive Officer is PwC Norway’s top operational leader and is responsible for the everyday management of the operations. The Board appoints the Chief Executive Officer for a fixed term of four years. The maximum number of terms is two.

The Chief Executive Officer’s responsibili-ties are in accordance with Norwegian laws and regulations. In our business, this entails establishment of sufficient routines for monitoring and follow-up of the operational risks, including governing and monitoring of the Risk & Quality function. Additionally, the Chief Executi-ve Officer ensures the implementation and maintenance of PwC’s international

be elected by and among the employees. Members of the National Leader Group cannot be Board members.

The majority of both the Board members and the Board deputies are state authori-sed auditors and state authorised auditors hold more than 50% of the votes in the firm’s highest body.

The provisions in the Limited Liability Companies Act form the basis for the responsibility of the Board. Consequently, the Board shall appoint the Chief Executi-ve Officer, annually evaluate in writing the work of the Chief Executive Officer and recommend the remuneration, which is to be approved by the General Meeting. Furthermore, the Board also ensures that the policies for appointment of members to the Remuneration Committee and the Promotion Committee comply with the principles established for representative participation in the committees.

Additionally, the Board shall process recommendations to the admission and retirement of partners and approve the Risk & Quality leader based on a re-commendation from the Chief Executive Officer.

The Board defines the firm’s strategic objectives and ensures that necessary personnel and financial resources are available to reach the objectives. The Board shall ensure that management implements and carries out the adopted strategy.

PwC Norway is governed by the partners through decisions in the General Meeting in accordance with recognised principles for good corporate governance. The principles shall ensure the best possible transparent, predictable and fair treat-ment of the firm’s partners and employees. At the same time, good corporate gover-nance supports the firm’s strategic objective of delivering high quality services.

The General MeetingThe General Meeting is the highest body in PwC AS and has the authority regulated in the Limited Liability Companies Act. Some special conditions apply to the General Meeting of PwC AS in addition to the provisions in the Limited Liability Companies Act. The amendments are regulated in the firm’s Articles of Associa-tion or follow from the division of work with other bodies. The Board shall convene at least two general meetings a year. The General Meeting elects a nomination committee consisting of three partners. The General Meeting elects the Board of Directors and the Chair of the Board in accordance with recommendati-ons from the Nomination Committee. The Board members are elected for two-year terms.

The Board of DirectorsThe Board of Directors of PwC AS shall consist of nine members including six members elected by and among the shareholders. Three of the members shall

PwC Norway is governed by the partnersthrough decisions in the General Meetingin accordance with recognised principlesfor good corporate governance.


The Board of Directors

Håvard S. AbrahamsenChief Executive Officer

Leader Region East

Internal support functions

National Leader Group

PricewaterhouseCoopers AS General Meeting

Rita GranlundLeader Assurance

Petter VoldLeader Advisory

Trond IngebrigtsenLeader Tax and Legal Services

National Leadership

Torbjørn LarsenLeader Region Rogaland

Leader Market

Geir Inge LundeLeader Region West Leader

Finance, IT & Operations

Reidar HenriksenLeader Region South

Leader Human Capital

Leif Arne JensenLeader Assurance Oslo

Herman SkibrekLeader Risk & Quality

policies and procedures. The Chief Executive Officer has the ultimate responsibility for establishing and maintaining processes securing quality in the delivery of services across all our business areas. The Chief Executive Officer annually evaluates and reports to the Board the quality of the internal control.

The Chief Executive Officer appoints a National Leader Group. The National Leader Group is a consultative body contributing in important decisions and in the execution of the strategy of the firm. The National Leader Group consists of partners with key positions in PwC Norway’s operations, and the majority of the National Leader Group are authorised auditors. In addition, the Promotion Committee and the Remuneration Committee support the Chief Executive Officer. The two committees are the Chief Executive Officer‘s bodies in regard to reaching the short and long term strategic objectives of the firm through partner admission and profit sharing.

The Promotion Committee shall collect background information, interview candidates, evaluate performance and substantiate its recommendations. The Chief Executive Officer makes recommen-dations to the Board on admittance to the partnership based on the Promotion Committee’s executive work. The Board processes and recommends to the General Meeting the admittance of partner candidates.

The responsibility of the Remuneration Committee is to propose the profit share of the individual partner based on predeter-mined assessment criteria. The Chief Executive Officer recommends the profit shares of the members of the Remunerati-on Committee. The responsibility to assess the profit share of the Chief Executive Officer rests with the Board of Directors.

Responsibility for Risk & QualityThe superior responsibility for establis-hing and maintaining an adequate quality control system rests with the Chief Executive Officer, with support from the National Leader Group. The regional leaders have a corresponding quality responsibility in their region.

The Territory Assurance Leader is responsible for quality in the provision of services from the audit business and shall ensure that we maintain and develop adequate quality control systems and procedures. The Territory Assurance leader reports to the Chief Executive Officer. Regional Assurance Leaders, whose responsibility is to follow up on relevant risk and quality activities in each region, are appointed.

On behalf of the Chief Executive Officer, the Territory Risk & Quality leader has the overall responsibility for the general Risk & Quality work across all lines of service in PwC Norway. The responsibility includes overseeing and facilitating for the Risk & Quality function to execute its duties in a qualitative, timely and efficient way. The Board approves the Risk & Quality leader on recommendation from the Chief Executive Officer. The Risk & Quality leader is a member of the National Leader Group. The Territory Risk & Quality leader cannot be chief of operati-ons or member of the Board, the Remune-ration Committee or the Promotion Committee. The Risk & Quality leader has a right and a duty to report directly to the Board.

The Territory Risk Management Partner for Assurance reports to the Territory Assurance leader and Risk & Quality leader. Regional Assurance Risk Manage-ment Partners have been appointed who are responsible for facilitating the follow-up on relevant risk & quality activities in each region.


Quality control system To PwC, providing high quality services

means more than complying with laws and industry standards. To us, it also means that we understand the needs of the clients and add value through knowledge and experience within our core competence, which is governance, control and restructuring processes. Our clients, and regulatory and public authorities, expect us to deliver reliable services.

An audit opinion contributes to increasing the reliability of the financial statements. The reliability depends on the quality of our services. High quality relates to compliance with laws and generally accepted auditing standards, and assu-mes, among other things, that the firm has established a quality control system for the audit activities.

Everyone connected to PwC’s global network is committed to comply with policies for risk management and quality. PwC has established global network standards for audit and quality control system. These are fully used in Norway with the necessary amendments to meet Norwegian regulatory requirements.

The quality control system is an integral part of the firm’s ongoing routines and activities and meets the requirements of the international standard for quality control, ISQC 1.

Responsibility for the quality control system The Board of Directors holds the overall responsibility for the quality control system and sees to it that the Chief Executive Officer carries out his/her duties.

The Chief Executive Officer has the operational responsibility for the quality control system of the firm. The Risk &

The quality control system is an integralpart of the firm’s ongoing routines andactivities and meets the requirements ofthe international standard for qualitycontrol, ISQC 1.


Quality leader is responsible for perfor-ming an annual assessment of the appropriateness of the quality control system and for testing that it functions as intended. The responsibility to design, implement and carry out the separate policies, routines and internal control activities belongs to the individual operational leader. The Risk & Quality leader reports the result of the annual assessment and the testing of the quality control system to the Chief Executive Officer and the Board.

Any deficiencies in the quality control system are followed up through priority action plans. The individual leader is responsible for the preparation and the implementation of the action plans. The Risk & Quality leader is responsible for ensuring that action plans are prepared to correct significant nonconformities and that the individual leader implements the actions.

The elements in the quality control systemQuality is and will always be our highest priority. We continuously invest in our members of staff, in audit methodology and tools, and in quality control systems.The elements of the quality control system that are assessed by the management of the firm to be the most central in order to ensure quality in the audit engagements are explained below.

A management who prioritises quality The requirement for quality in our services is demonstrated through the fact that one of the stated strategic objectives of the firm is to be acknowledged as the leading firm in quality and efficiency. The quality requirement is a prerequisite for the achievement of the firm’s remaining objectives. The management contributes to good quality in the services through setting the tone in the organisation and in ensuring supply of an adequate amount of resources. The focus on identifying risk of quality deficiencies and the related quality work is an integral part of management’s work and of the business in general. As member of the National Leader Group, the

Risk & Quality leader ensures good executive work and priority of such issues.

A clear responsibility structureEstablished Corporate Governance policies and functional descriptions for the firm’s leader roles ensure clear lines of responsibility for the elements included in the quality control system. The National Assurance Leader has the supreme responsibility of establishing and maintai-ning an appropriate and efficient audit delivery system and to monitor use and compliance. PwC Norway is organised into five regions across 27 offices and branches. The regional leaders are responsible for the activities in the region, including system for and quality in deliveries. The office managers and local Assurance leaders have a corresponding responsibility for their offices. The firm is governed in accordance with recognised principles for corporate governance, and responsibility and decision-making authority follow defined roles in the organisation and not job category. As part of this, there are clear lines of responsibi-lity for design, implementation and control of the firm’s policies and routines. In the performance of audit engagements, Engagement Leader, Team Manager and Team Member are responsible for specific tasks related to compliance with policies and routines that are part of the quality control system. The division of responsibi-lity between the team members follows from the guidance to PwC Audit, which is the audit methodology of the firm.

A working Code of ConductThe Code of Conduct defines our policies applicable to the everyday behaviour of each individual and is an aid for solving dilemmas and difficult assessments, which may arise in the delivery of our services. The Code of Conduct includes policies for handling client information. Access to audit documentation is limited to the members of the audit team.

Further, we have established routines for handling internal complaints and accusations, including a whistle-blowing function where the whistle-blower can

choose to be anonymous. Whistle- blowing can always happen without fear of negative consequences for the career in the firm. The Board has not been presen-ted with whistle-blowing cases of impor-tance to the quality of audit engagements performed by the firm in the period 1 July 2015 - 30 June 2016.

Targeted recruitment and methodical development of skilled employees and partnersOne of the main success factors enabling the delivery of high quality audit services is the ability to attract and develop skilled employees and partners. Policies and processes have been established to secure quality at all levels. The competence requirements that form the basis both in the recruitment and the development processes build on the PwC Professional framework. This framework contains expectation matrixes within the areas of leadership, technical skills, business understanding, and insight into global trends and relations.

An important factor for the development of each individual is a compulsory training program tailored to the different job levels. There is a special development program for directors and partners - the PwC Leadership Academy. The program has semi-annual assemblies. Compulsory updating courses in audit methodology, accounting and tax are arranged each year. Further, all members of staff, together with his/her leader, choose relevant courses within specific topics.

In order to ensure training and develop-ment in everyday life, all associates receive four formal evaluations each year based on the execution of the engage-ment, while managers and directors receive two evaluations. Partners and all senior employees also receive a leader evaluation with formal feedback from their associates. All employees and partners have specific, long-term develop-ment plans that form the basis for measuring of the individual’s performance.

One of the main success factors enablingthe delivery of high quality audit servicesis the ability to attract and develop skilledemployees and partners.


Incentive structure supporting quality The individual employee and partner conducts an annual determination of their own objectives together with their superior. The objectives are determined based on the strategic objectives of the firm and the expectations specific to the individual job level. The expectations are based on a balanced scorecard and comprise the areas including client deliveries, people development and contri-butions to PwC’s internal activities. The quality requirements for deliveries are consistent in all areas; both related to the definite, that all client deliveries should be of high quality, and the indirect contribu-tion such as, giving constructive feedback to the audit team or contributing to the further development of a high quality audit performance. Quality is an integra-ted part of the evaluation system, where selected measurable quality parameters are included in the basis for the measure-ment of the individual’s performance, which in turn form the basis for the determination of salaries and bonuses. For promotions, the candidate is evaluated against the expectation matrix of the firm for the actual job level. All promotions are based on specific documentation substan-tiating that the expectations have been reached.

IT systems and security PwC Norway’s IT security requirements are consistent with ISO 27002:2013. There are a number of tools developed by PwC’s global network, which forms an integral part of the quality control system. PwC’s IT department has procedures to ensure completeness and accuracy of data in the systems, controls regarding change management and limitation of access.Training of all partners and employees in the use of systems help to secure the quality of the work performed.

Effective Resource ManagementToo much pressure on available time increases the risk of quality deficiencies. Good management of the individual’s available time is therefore an important factor for the quality of the audit. The firm

uses systems to secure a sensible overall workload and adequate tasks based on experience and competence for each individual. The office leaders are responsi-ble for the resource management and the subject is essential in the semi-annual performance appraisals.

Routine for client and engagement acceptanceThe firm makes use of PwC’s global policies for deciding which clients and engagements to accept or continue. Norwegian regulatory requirements, including requirements in the Money Laundering Act, have been integrated in the company’s policies. The assessment is carried out and documented in a support system used by PwC’s global network.The scope and content of the assessment depends on the client-specific risk factors and industry. In addition to supporting the decision about whether or not to accept or continue the client or the engagement, the system delivers the initial risk assessment, which constitutes the basis for the subsequent audit.

Rotation rulesPwC’s objectivity may be threatened if the management of the audit team, and in particular the engagement leader or the Quality Review Partner, has a long-term relationship with the same client. In order to reduce this, risk policies have been established for rotation (replacement) of engagement leaders and the Quality Review Partner. In addition to ensuring objectivity, rotation may increase quality as a result of a fresh pairs of eyes obser-ving the audit and the client’s operations, risks and critical issues.

The rotation of the engagement leader and the Quality Review Partner takes place after seven years for entites of public interest. This is in line with the Auditors Act. Exemptions may be granted by the Risk and Quality leader in special cases. Special and stricter rules apply for SEC clients and SEC affiliates. Management controls have been established to ensure that the rotation plan is carried out.

Training of all partners and employees in the useof systems help to secure the quality of thework performed.


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A global audit methodologyPwC AuditAs member of the PwC Network, PwC Norway uses PwC Audit, a common audit methodology and process. This methodo-logy is based on the International Stan-dards on Auditing (ISAs), with additional PwC policies and guidance supplemented with special Norwegian requirements related to e.g. review of the Board of Directors Report, compliance with the Bookkeeping Act and attestation of tax returns. PwC Audit thus facilitates the conduct of audit in compliance with ISA requirements relevant to each individual audit engagement. Our common audit methodology provides the framework that enables PwC member firms to comply in all respects with applicable professional standards, regulations and legal require-ments.

The PwC Audit Guide explains PwC’s audit methodology. The Guide, along with PwC’s technology-based audit support tools, templates and content, support engagement teams in their conduct of audit and related services.

AuraAs member of the PwC Network, PwC Norway uses Aura, which is the applicati-on that powers PwC’s audits. Aura provides audit teams with a system that integrates a broad range of capabilities, including built-in tools which promote audit quality, consistency and simplificati-on of documentation. Aura also integrates with a variety of other tools and applicati-ons, creating one workspace for client work. Our audit work is planned, executed and documented by means of Aura. The application supports teams in efficient use of our audit methodology and creates a transparent linkage between identified risks and the work performed to address those risks. Project management is also included in the application.

Developed technologyWe continue to invest in technology that builds quality into the audit and enhances our ability to provide insights to our clients. Our technology is built and implemented globally ensuring consisten-cy across the PwC Network.

Tools that improve audit quality and efficiency of the audit through automati-on, connectivity and mobility include:

• Aura Now is a web-based application used by the teams for monitoring key information and progress of all engagements across the portfolio of Aura engagement databases. The tool visualises the progress of an engagement, which enables our people to prioritise their efforts. The tool also provides information about technical completion, which forms the basis for the planning of archiving the audit files.

• Count is an electronic portal that allows our teams to create instructions for execution and documentation of an inventory count. The application was developed by PwC in response to feedback from teams that using a mobile device would improve the quality and execution of inventory counts

• Connect is our collaborative workflow tool, providing fast, efficient and secure information sharing at every stage of the audit. Connect monitors the status of requests from the audit team to clients and information from our clients in real time. Connect enables both the clients and us to check progress on the go.

• Halo is our new suite of data assurance tools allowing us to identify and assess risks and determine where to focus our audit efforts. The analysis and visualisation capabilities allow us to analyse patterns and trends, identify unusual and high-risk transactions, and provide valuable insight to both our clients and ourselves. Halo has components for collection of client data, processing of data and automated testing and analysis of data. For example, Halo for Journals allows engagement teams to gather all journal entries and utilise built-in functionality to focus testing on transactions with higher risk.


Consultation with expertsThe firm has established policies for the engagement leader’s formal consultation with experts in specific risk situations and in cases where the engagement leader considers it necessary based on the risk and complexity of the matter. Additional-ly, all audit teams are encouraged to make informal inquiries to experts when required. Formal consultation is docu-mented and approved both by the person being consulted and by the audit team in accordance with the requirements in ISQC 1.

Monitoring of assurance qualityThe quality in the audit services we provide to our clients is key to maintaining the confidence of investors and other stakeholders. This element is a fundamen-tal part of our strategy.

The responsibility for appropriate quality assurance lies with the management of our firm. This includes effective monitor-ing processes aimed at evaluating whether the policies and procedures constituting our quality control system are designed appropriately, operating effectively and provide us with reasonable assurance that our audit engagements are performed in compliance with laws, regulations and professional standards.

Our firm’s monitoring program is based on the Global Assurance Quality Review (GAQR) program of the PwC Network. This program, which is based on professi-onal quality control standards including ISQC 1, contains policies, procedures, tools and guidance that are used by PwC Network firms. The GAQR program is coordinated by a central team, which consists of a GAQR Leader with a group of International Team Leaders (ITLs). These are partners seconded to the central team by PwC member firms. The task of the ITLs is to supervise the review process all over the Network, which enables a consistent and efficient performance of reviews all over the PwC Network.

The monitoring procedures of our firm include an ongoing assessment of the design and effectiveness of our quality control system, as well as a review of completed engagements (Engagement Compliance Reviews - ECR). The results of these procedures form the basis for the continuous improvement of our quality control system.

ECRs are risk-focused reviews of comple-ted engagements covering, on a periodic basis, engagement leaders who are authorised to sign audit reports or other non-audit assurance reports. The review assesses whether an engagement was performed in compliance with PwC Audit guidance, applicable professional stan-dards and other engagement related policies and procedures.

All engagement leaders will be subject to ECR during a five-year period. In addition, all audit engagements of public interest entities are subject to ECR according to a predetermined rotation plan. Normally the reviews comprise two audit engage-ments per engagement leader. Assurance and advisory engagements are reviewed on sample basis.

Reviews are led by experienced partners, supported by independent teams of partners, directors, and senior managers and other specialists. Review teams receive training to support them in fulfilling their responsibilities, and utilise a range of GAQR approved checklists and tools when conducting their review procedures.

Results from the engagement quality reviewEngagements that are reviewed are classified as either “engagement in accordance with PwC requirements”, i.e. that all PwC’s relevant requirements for the audit performance are complied with, or as “engagement not in accordance with PwC requirements”, i.e. that all PwC’s relevant requirements for the audit performance are not complied with. The results from the internal quality control show that out of 12 reviewed entites of public interest, one engagement did not

The quality in the audit services we provide to our clients is key in maintaining the confidence of investors and other stakeholders.


comply with PwC requirements. In total, 46 engagements were reviewed and eight did not comply with PwC requirements. For engagements that have been classified as “engagement not in accordance with PwC requirements”, additional procedu-res are performed in order to correct any deficiencies.

The results of the quality reviews are reported to the management of our firm, who are responsible for analysing the root cause of the findings and for implemen-ting remedial actions as necessary. In situations where adverse quality issues on engagements are identified, the responsi-ble partner or the management of the firm may be subject to additional monitoring, training or sanctions in accordance with the policies of our firm, depending on the nature and circumstances of the issues. The actions put in place may involve special education programs, publications, focus on certain technical areas, the upgrade of audit methodology and tools, changes in teams and active guidance in engagement performance.

The results from the quality review and the action plan are communicated to partners and employees to enable them to make use of the experiences in the performance of engagements. Furthermo-re, the GAQR leader informs about relevant findings from quality reviews in other PwC firms. This enables our engagement leaders to assess relevant quality review findings in planning and performing group audits involving cross-border work with team members from other PwC countries.

Annual testing of the quality control systemThe quality control system is tested annually in order to verify that it works as intended and that it provides security against quality deficiencies in the audit services. The testing did not reveal nonconformities in the quality control system. In conjunction with testing and evaluating the quality control system, the management’s assessment of the risks that the firm are faced with, are taken into account. The evaluation therefore includes an assessment of the appropriate-ness of established controls and procedu-res to meet the identified risks. If testing of the quality control system reveals control weaknesses, an assessment will be made to uncover the cause of the weaknesses. Measures to correct identified weaknesses are included in the action plan for quality improvement prepared by the Assurance management.

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Results from internal qualitycontrol of Public interest entities

2016 2015

Engagements in accordance withPwC requirements

11 10

Engagements notin accordance withPwC requirements

1 1

Sum 12 11


At PwC, we adhere to the basic principles of the International Ethics Standards Board for Accountants (IESBA) - Code of Ethics for Professional Accountants, which are:

• Integrity – to be honest and straightforward in all professional and business relationships.

• Objectivity – to not allow bias, conflict of interest or undue influence of others to override professional or business judgements.

• Professional Competence and Due Care – to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service based on current practice and legislation. The auditor must act diligently and in accordance with applicable technical and professional standards when performing the audit.

• Confidentiality – to respect the requirement of confidentiality about information acquired through professional and business relationships and, therefore, not disclose any such information to third parties without proper and specific authority, unless there is a legal or professional right or duty to do so. Confidential information that the auditor becomes aware of in professional and business related connections must not be used for the personal advantage of the professional accountant or third parties.

• Professional Behaviour – to comply with relevant laws and regulations to avoid any action that discredits the profession or the reputation of the firm.

In addition, our global network standards cover areas such as ethics and business conduct, independence, anti-money laundering, anti-trust/anti-competition, anti-corruption, information protection, tax related matters, sanctions policies, internal audit and insider trading.

We take compliance with these ethical requirements seriously and strive to embrace the spirit and not just the letter of those requirements. As part of the hiring process, candidates get to know PwC’s Code of Conduct. All partners and employ-ees undertake annual mandatory training and are evaluated on compliance with the requirements. Furthermore, compliance with the requirements are confirmed annually. This supports the appropriate understanding of the ethical requirements under which we operate. It is important to PwC Norway that partners and employees comply with the standards developed by the PwC Network.

PwC’s Code of Conduct describes which behaviour that is expected of our partners and employees. This behavior will enable us to earn the trust that we seek. Our standards serve as guidance in a variety of circumstances, with one common goal – to do the right thing.

Ethical requirements


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As an auditor and provider of other professional services, PwC and its partners and employees are expected to comply with the fundamental principles of objectivity, integrity and professional behaviour. In relation to assurance clients, the independence rules underpin these requirements. Compliance with these principles are fundamental to serving the capital markets and our clients.

The PwC Global Independence Policy, which is based on the IESBA Code of Ethics for Professional Accountants, contains minimum standards that PwC firms have agreed to comply with. This includes processes that are to be followed in order to be compliant with the requirements of auditor independence.

PwC Norway has a designated partner (known as ‘Partner Responsible for Independence’, ‘PRI’) of appropriate seniority and standing, who is responsi-ble for implementing the PwC Global Independence Policy including managing the related independence processes and providing support to the business. The PRI is supported by a team of indepen-dence specialists, and reports directly to the Risk and Quality partner, who is a member of the National Leader Group.

Independence policies and practicePwC’s global independence policies cover, among other, the following areas:

Independence policies

• Personal independence and independence at the firm level. This includes policies and guidance on financial investments and other financial arrangements, such as bank accounts and loans for partners, employees, the firm, and its pension schemes.

• Non-audit services to audit clients and fee arrangements. Statements of Permitted Services (‘SOPS’), which provide practical guidance on the application of the policy in respect of non-audit services to audit clients, supplement the policies.

• Business relationships, including policies and guidance on joint business relationships (such as joint operations and joint marketing) and on purchasing of goods and services acquired in the normal course of business.

In addition, there is a Network Risk Management Policy governing the independence requirements related to the rotation of audit partners.

The design of PwC’s global policies for independence helps PwC to comply with relevant professional and regulatory independence standards. Policies and guidance are revised when changes arise, such as updates to laws and regulations or in response to operational matters.Adjustments have been made to take into account the Norwegian regulations on auditor independence in the Auditors Act.

As an auditor and provider of other professional services, PwC and its partners and employees are expected to comply with the fundamental principles of objectivity, integrity and professional behaviour.


Independence-related toolsAs a member of the PwC Network, the firm has access to a number of tools, which support PwC firms and their partners and employees in complying with our independence policies and procedures. These include:

• The Central Entity Service (‘CES’), which contains information about corporate entities including public interest audit clients and SEC restricted clients and their related securities. CES assists in determining the independence status of clients of the firm before entering into a new non-audit engagement or business relationship. This system forms the basis of the ‘Independence List’ and also feeds Independence Checkpoint.

• ‘Independence Checkpoint’, which enables pre-clearance of the acquisition of listed securities for partners, directors and managers. The system also reports subsequent purchases and sales. When a PwC firm wins a new audit client, the system automatically informs those holding securities in that client, of the requirement to sell the security where required.

• Authorisation for Services (‘AFS’), which is a global system that enables communication between the audit engagement leader and a non-audit services engagement leader. The system documents potential threats to auditor independence, proposed safeguards, and serves as an archive.

• Global Breaches Reporting System, which is used to report any breaches of the independence regulations where the breach has cross-border implications (e.g. where a breach occurs in one territory, which affects an audit relationship in another territory).

PwC Norway also has the following systems:

• A system that monitors compliance with PwC Norway’s audit rotation policies; and

• A database that records significant business relationships entered into by PwC Norway. Regularly reviewing these relationships help to ensure that breaches of the independence policies do not occur.

Independence training and confirmationsAll employees and partners of the firm update their knowledge about indepen-dence and ethics annually. Following the training, a test has to be passed before the firm accepts a confirmation from each member of staff that the indepen-dence policies are adhered to. The sanction system is used to handle any breaches of the independence policies.

Independence monitoring and disciplinary policy PwC Norway is responsible for monitor-ing the compliance with the independen-ce requirements. In addition to the confirmations described above, as part of this monitoring, we perform:

• Compliance testing of independence controls and processes.

• Subsequent testing of personal independence, through a program covering a selection of partners annually.

• An annual assessment of the firm’s adherence to the risk management standard of the PwC Network relating to independence.

The results of PwC Norway’s monitoring and testing are reported to the firm’s management on an annual basis.

The firm has disciplinary policies and mechanisms in place that promote compliance with the independence policies and processes, and that require any breaches of independence require-ments to be reported and addressed. This would include discussion with the client’s audit committee regarding the nature of the breach, an evaluation of the impact of the breach on the independen-ce of the firm and the need for safeguards to maintain objectivity.

All breaches are taken seriously and are investigated as appropriate. The investi-gations of any identified breaches of independence policies also serve to identify the need for improvements in PwC Norway’s systems and processes and for additional guidance and training.

In the period 1 July 2015 - 30 June 2016, our procedures to ensure compliance with PwC’s policies for independence as well as the independence policies according to the Auditors Act, did reveal one minor discrepancy relating to the audit of an entity of public interest. The discrepancy does not relate to engage-ment leaders or the team members on the engagement and has been corrected.


Considerations in accepting and continuing an audit client relationshipOur principles for determining whether to accept a new client or continue serving an existing client are fundamental to delivering quality. We believe that quality goes hand-in-hand with our purpose to build trust in society. We have established policies and procedures for the acceptance of client relationships and audit engagements that consider whether we are competent to perform the engagement and have the necessary capabilities including time and resources, can comply with relevant ethical require-ments, including independence, and that make an appropriate assessment of the integrity of the client. We reassess these considerations when determining whether we should continue a client relationship. We have in place policies and procedures related to withdrawing from an audit engagement or a client relationship when necessary.

Client and Engagement Acceptance and ContinuancePwC Norway has implemented a process to identify acceptable clients. The process is based on the proprietary decision support systems of the PwC Network for audit client acceptance and retention (called Acceptance and Continuance (‘A&C’)). A&C facilitates a determination by the engagement team, business management and risk management experts of whether the risks related to an existing client or a potential client are manageable, and whether or not PwC should be associated with the particular client and its management. More specifically, this system enables:

Acceptance and continuance process

• Engagement teams:

- to document their treatment and consideration of matters required by professional standards related to acceptance and continuance;

- to identify and document issues or risk factors and their resolution, for example through consultation, by adjusting the resource plan or audit approach or putting in place other safeguards to mitigate identified risks or by declining to perform the engagement; and

- to facilitate the evaluation of the risks associated with accepting or continuing with a client and engagement;

• Member firms (including member firm leadership):

- to facilitate the evaluation of the risks associated with accepting or continuing with clients and engagements;

- to provide an overview of the risks associated with accepting or continuing with clients and engagements across the client portfolio; and

- to understand the methodology, and the minimum of considerations all other member firms in the Network have applied in assessing audit acceptance and continuance.

Norwegian regulatory requirements, including requirements in the money laundering regulations, are incorporated in the system.

We believe that quality goes hand-in-hand with our purpose to build trust in society


In accordance with the Auditors Act § 5b-2 on periodic quality control reviews, auditors and audit firms are subject to periodic quality reviews. The Financial Supervisory Authority of Norway is responsible for carrying out the reviews. Periodic reviews of Norwegian auditors and audit firms who conduct audit of public interest entities are performed minimum every three years.

External monitoring

The Financial Supervisory Authority

In autumn 2015, The Financial Supervisory Authority (NFSA) conducted an inspection at one of PwC’s branch offices. The purpose of the inspection was to assess how the firm’s policies and procedures are implemented and complied with at the branch office. Further, the inspection included a review of conducted audit engagements both in the purpose of assessing the quality of the performance of the audit and the quality of performed Engagement Compliance Review.

The NFSA had no comments to the firm’s policies, procedures or the Engagement Compliance Review. Regarding audit performance, the NFSA identified several weaknesses. PwC has taken measures to prevent similar weaknesses in the performance of audits going forward. The report is available on the NFSA’s website www.finanstilsynet.no.

In 2016, the NFSA carried out thematic inspection at PwC directed towards compliance with the Money Laundering Act, the firm’s policies and procedures for detection of white-collar crime and performance of fraud detection and the use of sampling in the audit. The thematic inspection comprised several audit firms and is not completed.

For the thematic inspection directed towards the audit of valuations and accounting estimates carried out in 2015, the final report dated November 2015 is available on the NFSA’s website www.finanstilsynet.no. Neither PwC nor any of the firm’s engagement leaders received any comments from the NFSA.

PwC places emphasis on all the general comments in the joint reports from the NFSA’s thematic inspections and considers measures to ensure that the industry weaknesses identified by the NFSA do not characterise our future audit execution. PwC has received one comment letter from the NFSA in which the supervisory authority directs criticism at the firm. The comment letter concerned the audit of disclosures to the financial statements of a bank, including the banks compliance with laws and regulations.

Public Company Accounting Standards Board (PCAOB)

The PCAOB is required to conduct periodic inspections of all registered audit firms that regularly submit audit reports for companies listed on U.S. exchanges. PwC Norway submits such audit reports. PwC Norway has not been subject to inspection or received any report from the PCAOB in the period 1 July 2015 - 30 June 2016.

We summarize results from periodic reviews below. The summary contains results from inspections carried out in the period 1 July - 30 June 2016.

The summary also includes results from inspections where final reports are received in this time period. Correspon-dence received until 22 September 2016 is included.


Continuing professional developmentWe, and the other PwC firms in the Network are committed to delivering quality audits around the world. To maximise consistency in the Network, a formal curriculum developed at the Network level provides access to courses covering the PwC audit approach and tools, updates on auditing standards and their implications, and areas of audit risk and engagement quality.

The formal training is delivered using classroom teaching, workshops, various types of electronic tools and video. The training supports our focus on audit quality and provides our practitioners with the opportunity to sharpen their professio-nal judgement, skepticism and technical and professional skills.

Our Learning & Education leader considers what additional training is appropriate – formal and/or informal – to address specific local needs in the way of videos, workshops and forums for staff to share their experiences. This training is then supplemented with learning from more experienced colleagues, whether by receiving and discussing feedback, or by shadowing, observing and collaborating in teams, which provides direct support.

PwC Norway has a system for the registra-tion and follow-up of training and continu-ing professional development of the staff members. The system provides an overview of the skills and abilities of each individual, such as for the assembly of a team for an engagement, promotions and performance appraisals. The requirement in the Auditors Regulations about continu-ing professional development only applies to engagement leaders. Auditors at all levels in Norway are, however, subject to requirements for continuing professional development. Hours used on professional development courses organised by PwC are recorded in our system, and actual participation is updated in accordance with signature lists.

For partners and employees who have leading roles on clients reporting in accordance with IFRS, there are require-ments to IFRS training and IFRS certifica-tion. There are corresponding require-ments for staff members who work with

clients reporting in accordance with US GAAS and US GAAP. This is followed up by checking that those who submit hours on US GAAP engagements have accomplished the mandatory training.

Engagement leaders who are subject to the Continuing Professional Development requirements stated in the Auditors Regulations, are reviewed both during fall and after the turn of the year to ensure that they have reached the required number of Continuing Professional Development hours in the last three year period. The follow-up takes place through statements of registered hours of Continu-ing Professional Development. Registered hours are controlled against the signature lists for participation on training activities. Appropriate actions are taken in case of nonconformities.

The different training programs are followed up through PwC’s international quality control procedures.

Global People SurveyPwC conducts a Global People Survey annually. The survey maps the working environment in PwC Norway, so that we are able to view trends over time and compare the results with those of other firms in the Network and with comparable firms that conduct the same type of survey.

The survey measures how satisfied the staff members are with working for PwC. This comprises questions about whether our members of staff would recommend PwC as an employer, plans for future careers in PwC, pride associated with working with PwC and so forth. For PwC Norway in 2016, 82% say that they agree or strongly agree with those questions relative to 83% in 2015.

The results from the survey help to provide valuable input on how we can improve our work processes to deliver high quality services. The results are also used to improve our internal processes towards staff members in order for them to thrive in PwC and continue to learn so that we contribute to build trust and create value together.

Professional development

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Professional development

Remuneration of partnersThe remuneration of partners shall motivate, acknowledge and reward within established performance criteria, in order for the firm to reach its objectives, including ensuring quality in deliveries and behaviour in accordance with PwC Norway’s objectives, values and strategies.

The partners receive compensation annually, while the compensation system also ensures a long-term perspective.The remuneration consists of three elements: fixed employment remunerati-on, profit-based remuneration and dividends. The primary task of the Remuneration Committee is to set the profit-based compensation of each partner.The process starts with each partner preparing a development plan. This plan forms the basis for a self-evaluation and an evaluation from management of the

partners’ performance, which in turn forms the basis for the work of the Remuneration Committee. The process leads to a recommendation on the remuneration for each partner. The Board performs an assessment of the process that has led to the recommendation of the remuneration.

The Chief Executive Officer communicates the recommendation on the remuneration to the individual partner. The Board presents the proposed resolutions to The General Meeting. The General Meeting determines the final remuneration. There is transparency between the partners concerning the remuneration process.

The partners are included in the firm’s defined contribution pension scheme. No partners are entitled to other pension benefits from the firm and there are no severance agreements.


Statement from the BoardOpinion regarding the quality control system and independence policiesThe Board of PricewaterhouseCoopers AS is responsible for ensuring that the firm has established a quality control system. The system shall ensure quality in assurance engagements and related services, and an independence that satisfies the require-ments of the Auditors Act, including applicable standards on quality control and PwC’s global policies. Additionally, the Board shall see to it that that necessary routines are established for carrying out and monitoring compliance with the policies. The Chief Executive Officer shall arrange for an efficient accomplish-ment of the firm’s work on the quality control system and policies and procedures designed to ensure auditor independence.

We have performed actions throughout the year ensuring an efficient-working quality control system, which is in accordance

with current regulations, and that the policies for independence are complied with. Our work is based on ongoing reporting from the Chief Executive Officer and that the Board has processed reports from the management about the result of the quality reviews performed and compliance with independence policies. We believe that our procedures provide sufficient and appropriate basis for our statement.

In our opinion PricewaterhouseCoopers AS’ quality control system has worked efficiently in the period and the policies for auditor independence have been complied with.

Oslo, 29. September 2016

The Board of PricewaterhouseCoopers AS

From left

Svein Gunnar Stang Hansen, Håvard S. Abrahamsen (CEO), Jon Haugervåg (Chairman), Henrik Nessler, Knut-Erik Nedregotten, Petter Walstad, Øystein Sandvik, Bente Norbye Lie, Håkon Bjerkenes, Thomas Holst. (Thomas Fraurud was not present when the picture was taken)

Thomas Fraurud

Håkon Bjerkenes

Jon Haugervåg (Styreleder)

Svein Gunnar Stang Hansen Øystein Sandvik

Henrik Nessler Thomas Holst

Petter Walstad

Bente Norbye Lie

Photo: Annette Larsen


Accounting information

Assurance (50 %) 1 324 MNOK

Advisory (34 %)886 MNOK

Tax and Legal Services (16 %)413 MNOK

2 623 MNOKRevenue for PwC Norway

1 Revenue for PwC Norway for the accounting year 1. July 2015 - 30. June 2016 amounts to MNOK 2 623 internally reported by business area. The turnover includes total revenues in PricewaterhouseCoopers AS plus the revenues in Advokatfirmaet PricewaterhouseCoopers AS with subsidiary,corrected for transactions between PricewaterhouseCoopers AS and Advokatfirmaet PricewaterhouseCoopers AS with subsidiary .”

Auditing (79 %) 1 061 MNOK

Legal advise (4 %)50 MNOK

Other services (14 %) 191 MNOK

Certification and related services(3 %) 36 MNOK

1 338 MNOKServices to audit client’s

Revenue for PwC Norway in the accounting year 1. July 2015 - 30. June 2016 1


Public interest entities2 audited by PwC Norway

2 Public interest entities are defined in the Auditors Act § 5a-1 as entities with listed securities, banks and other credit institutions and insurance companies. The list includes firm’s where PwC has been the auditor and have prepared an audit report in the period 1 July 2015 to 30 June 2016.

A

ACE Europe Life LimitedACE European Group LimitedAega ASAAIG Europe LimitedAinmt Scandinavia Holdings ASAssuranceforeningen Gard – gjensidig -Aurora Lpg Holding ASAAustevoll Seafood ASAAvance Gas Holding LtdAvida Finans AB NUF

B

Bank Norwegian ASBeerenberg Holdco II ASBNP Paribas Cardif Livsforsikring –

Norsk fililal av utenlandsk foretakBNP Paribas Cardif Skadeforsikring –

Norsk fililal av utenlandsk foretakBNP Paribas Fortis SA/NV, Norway BranchBrage Finans ASByggma ASA

C

Carnegie Investment Bank AB Norway Branch

Collector Bank AB, Norge filial

D

Den Norske Krigsforsikring for Skib Gjensidig forening

Digiplex Fet ASDiners Club Norge

Filial av Diners Club Nordic ABDOF ASADOF Subsea AS

E

Eidsiva Energi ASEksportfinans ASAEkspress BankEurocard, Filial av Eurocard ABEuropris ASA

F

FCE Bank Norsk avdeling av utenlandsk foretak

Flekkefjord SparebankFolkefinans ASFornebu SparebankForso Norge NUFFrende Livsforsikring ASFrende Skadeforsikring ASFrontline Ltd.

G

Gard Marine & Energy Insurance (Europe) As

Gard Marine & Energy LimitedGard P. & I. (Bermuda) LTDGC Rieber Shipping ASAGIEK Kredittforsikring ASGlitre Energi ASGolden Ocean Group LimitedGoodtech ASAGrieg Seafood ASA

H

Hafslund ASAHavtrygd Gjensidig ForsikringHegra SparebankHelgeland Boligkreditt ASHelgeland SparebankHelp Forsikring AS

I

I.M. Skaugen SEIndre Sogn SparebankInteroil Exploration and Production ASA

J

J.P. Morgan Europe Limited, Oslo branchJernbaneparsonalets SparebankJernbanepersonalets Forsikring Gjensidig

K

Kid ASAKitron ASAKLP Banken ASKLP Bedriftspensjon ASKLP Boligkreditt ASKLP Kommunekreditt ASKLP Skadeforsikring ASKommunal Landspensjonskasse

Gjensidig ForsikringsselskapKomplett Bank ASA

L

Landbruksforsikring ASLandkreditt Bank ASLandkreditt Boligkreditt ASLandkreditt Finans ASLerøy Seafood Group ASALillesands SparebankLillestrøm SparebankLivsforsikringsselskapet

Nordea Liv Norge ASLock ASLuster Sparebank

M

Melhus SparebankMonobank ASAMøretrygd Gjensidig Forsikring


N

NBBL Fulltegningsforsikring ASNjord Gas Infrastructure ASNordea Bank AB (Publ), Filial i NorgeNordea Bank Norge ASANordea Eiendomskreditt ASNorges Pelsdyralslag

Gjensidige PelsdyrtrygdNorsk Legemiddelforsikring ASNorth Energy ASANorway Royal Salmon ASANorwegian Finans Holding ASANorwegian Hull Club

Gjensidig AssuranseforeningNorwegian Property ASANRC Group ASA

O

OBOS Forsikring ASOBOS-Banken ASOdal SparebankOdfjell Drilling LtdOrkdal SparebankOslo Forsikring ASOslo Pensjonsforsikring AS

P

Pareto Bank ASAProtector Forsikring ASA

Q

QBE Insurance (Europe) Limited

R

Reach Subsea ASARem Offshore ASA

S

Saga Tankers ASAScania Finans AB

norsk avdeling av utenlandsk foretakSEB Kort Bank AB

Oslofilialen norsk avdeling av utenlandsk foretak

Selvaag Bolig ASASevan Drilling LimitedSiem Industries Inc.Siem Offshore Inc.Skadeforsikringsselskapet Borettslagenes Sikringsordning ASSkandinaviska Enskilda Banken AB

(PUBL) Oslofilialen norsk avdeling av utenlandsk foretak

Skogbrand Forsikringsselskap GjensidigSkue SparebankSøgne og Greipstad SparebankSolvang ASASparebank 1 NordvestSparebank 1 Østfold AkershusSparebank 1 SR-Bank ASASparebanken HedmarkSparebanken SørSparebanken Sør Boligkreditt ASSpareskillingsbankenSR-Boligkreditt AS

T

The North Alliance ASTreasure ASATrøgstad SparebankTrønderenergi AS

W

Wilh. Wilhelmsen ASAWilh. Wilhelmsen Holding ASA

X

XXL ASA Z

Zurich Insurance Plc, Norway Branch


List of partners

A

Aarbakk, Einar Aarø, Hallvard Aasen, Lars H. Abrahamsen, Håvard S.Andersen, Erik Andresen, Svein A. Anfinsen, Ola Areklett, Morten J.

B

Bakke, Pål Baklund, MarianneBarth, MaritBauge, JoneBerger, Hans-Chr. Birkeland, Arne Bjørnholt, Glen Borge, Ivar Bredrup, Reinholdt Bøyum, Gunnar

D

Dahl, Tor Bjarne Dahle, Siren Iversen Døsen, Sturle

E

Eidsmo, Ingebrigt Ekern, Knut Eliesen, PeterEllefsen, Anders Eriksen, Erik

F

Finnestad, AudunFjortoft, Lars ErikFlo, IngvillFlølo, Jan Fraurud, Thomas Friis, Knut Erik

G

Gabrielsen, FredrikGaudernack, Jonas Gran, Henrik Granlund, Rita Gravdal, Bjørn Grønnern, Cato Gärdehall, Torbjörn Gårdsvoll, Stian

H

Hadland, Gunstein Haglund, Geir Hallseth, Dagfinn Halvorsen, Kai Arne Hansen, Svein G. Stang Hareide, Steinar Haugen, Dag OlavHaugervåg, Jon Haukås, Jan RoarHelgesen, Tore Helgetun, Hallvard Heggernes, PålHelle, Jan Ove Henriksen, Reidar Holmen, Erik Holseter, Sjur Holst, Thomas Huuse, Anne KristinHyni, Gøril Høien, JarleHågå, Elisabeth Barman Hånes, Jan Roger

I

Ingebrigtsen, Trond

J

Jensen, Leif Arne Johannessen, Bjørn Egil Juliussen, Jørn E. Julsvoll, Geir

K

Kaasa, CatoKarlsen, ToreKirketeig, Kjell Tore Kjelløkken, Roger Kleppe, Vidar Koppang, Bård Ivar

L

Landaas, Sigmund Larsen, Therese K.Larsen, Torbjørn Lauvnes, Stig Are Lewis, Owen Lie, Bente Norbye Lindal, Lars Ole Liset, Petra Lislien, Bjørn Lorentzen, Trine A.Lund, BjørnLund, Stig Arild Lunde, Geir Inge Lysmen, RonnyLædre, Rune Kenneth S. Løken, Vidar AndreLønseth, Pål K. Løvlien, Vegard Haug

Partners as of 1 July 2016


M

Manskow, Kjell Ricard Martinsen, Ole Schei Marøy, Hugo Melle, Fredrik Moe-Helgesen, Eli Moen, Signe Mortensen, Roger Muri, Are Myrdal, Frode Myrland, Kjetil

N

Naas-Bibow, Hildegunn Ness, Morten Nessler, Henrik Z. Nilsen, Eivind Nording, AndersNotland, Tom Nygård, ØysteinNymark, Gorm F. Nørstebø, Erland

O

Oftedal, Hege MereteOlsen, Marius KalandOlsen, Svein G.

P

Pedersen, Per Erik

R

Rasmussen, Eirik Rennemo, DanielRevheim, Stian RuskaRingen, Gunnar H. Rognes, Torun Rotegård, Stein ErikRothe, Jan-Erik Rydland, Bjørn Rykkje, Kjetil

S

Saltnes, Dag Sandbakk, Alf AageSandnes, Oddvar Sakariassen, LeneSarai, Elin Sem, Magne Skibrek, Herman Skjetne, Knut-Olav Skulstad, Helene Kubon Slettebø, Gunnar Smørdal, Kjetil Solheim, Yngvar EngelstadStokke, Nils RobertStokke, Torbjørn Storhov, Jens EvenStrandberg, Bjørn EinarStrømsnes, Rune Synes, Nils-Kristian

T

Thorstad, Hilde Thrane-Nielsen, Didrik Totland, Tore Tørring, Rolf

V

Vassdal, Kristoffer Vold, Petter

W

Walby, Lars Wangen, Ståle Wollebæk, Per Whyte, Thomas Gaadsø

Ø

Ødegård, Paal

Å

Årstad, Per Trygve


Our offices

The PwC network

PwC provides services in auditing, advisory, tax and legal to public and privately owned businesses. Based on our wide range of expertise, we contribute to good corporate governance among our clients and positively influence their ability to create value. Together we build trust in society and solve important problems.

Every day, more than 208 000 people in 157 countries work to help our clients succeed. In Norway, we have more than 1 650 partners and employees across in 27 offices.

Our clients range from some of the world’s most complex organisations to small and medium sized local businesses.

Switchboard:02316 (+47 95 26 00 00)

Region AgderKristiansand Arendal

Region RogalandStavanger Haugesund Egersund

Region WestBergenFørde Stryn Måløy Florø SogndalÅlesund Molde Ulsteinvik

Region North

Region EastOsloSandefjord Hamar Lillehammer GardermoenDrammen KongsbergSarpsborg Askim

TrondheimTromsø Bodø Mo i Rana


A

ArendalKystveien 40N-4841 Arendal

AskimØstfold NæringsparkVangsveien 10N-1814 AskimPostboks 1036N-1801 Askim

B

BergenSandviksbodene 2A(PwC-gården)Postboks 3984 SandvikenN-5835 Bergen

BodøSandgata 5 APostboks 206N-8006 Bodø

D

DrammenStrømsø Torg 9Postboks 2078N-3044 Drammen

E

Egersund Areneset 3Postboks 404N-4379 Egersund

F

FlorøLindheimvegen 1Postboks 546N-6901 Florø

FørdeNaustdalsv. 1 bPostboks 375N-6801 Førde

G

GardermoenJessheim Storsenter, Plan 4Furuseth Gate 5N-2050 Oslo

H

HamarAslak Boltsgate 42Postboks 1100N-2305 Hamar

HaugesundNorevegen 1 (Karmsund)Postboks 1508N-5505 Haugesund

K

KongsbergDyrmyrgt 35N-3611 Kongsberg

Kristiansand Gravane 26Postboks 447N-4664 Kristiansand S

PwC AccountingTollbodgata 14N-4611 Kristiansand S

L

LillehammerStorgt.121N-2615 Lillehammer

M

Mo i RanaPir Eiendom ASMidtre gate 4Postboks 1233N-8602 Mo i Rana

MoldeGrandfjæra 24N-6415 Molde

MåløySjøgataPostboks 4N-6701 Måløy

O

OsloDronning Eufemias gate 8N-0191 OsloPostboks 748 SentrumN-0106 Oslo

S

SandefjordTassebekkveien 3543160 StokkePostboks 211 SentrumN-0103 Oslo

SarpsborgKalnesvn. 5N-1712 Grålum

SogndalParkv. 5Postboks 75N-6851 Sogndal

StavangerKanalsletta 8N-4052 Røyneberg

StrynStryn NæringshageTinggata 3N-6783 Stryn

T

TrondheimBrattørkaia 17BPostboks 6365 SluppenNO-7492 Trondheim

TromsøMuségata 1N-9291 Tromsø

U

UlsteinvikVikemyra 1Postboks 428 N-6067 Ulsteinvik

Å

ÅlesundColor Line StadionSjømannsveien 14N-6008 Ålesund

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Transparency Report 2016 Access to our quality control - PwC … oss/pwc-transparency-repo… ·...

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Transcript of Transparency Report 2016 Access to our quality control - PwC … oss/pwc-transparency-repo… ·...