reputational risks fully through its QMS and available to them under the law, having regard Acceptance & Continuance systems and procedures. to all of the principles contained in the Code There is also an expectation that a focus on quality As of 30 June 2021, Tax Policy Panels had been - including both systems and procedures - is given established in 34 territories (FY20: 32), including in all speciifc endorsement by local leadership, including of our 21 Strategy Council member ifrms. A Tax Policy through setting the tone from the top, and is properly Panel is composed of senior partners and subject communicated and understood by our people. matter experts who determine whether a potential tax project or advice position ifts with our brand values and At PwC, our Tax & Legal Services are underpinned our commitments in the Global Tax Code of Conduct. by our PwC purpose and values and our application During FY21 over 560 matters were considered and of the principles of our PwC Global Tax Code discussed by our Tax Policy Panels (FY20: over 340). of Conduct, with adherence to these principles supported by our Tax Policy Panels. Under our Code Our Advisory practice continues to enhance its of Conduct: performance to meet evolving client and market expectations on value and quality. Across the ■ Tax advice must be supported by a credible basis professional services landscape, we know that clients in tax law want more value, higher quality and a more technology- enabled experience, all at a more competitive cost. In ■ No tax advice relies for its effectiveness on any that context, our Connected Execution way of working tax authority having less than the relevant facts has served us productively and allowed us to meet the demands of the market as the pandemic rapidly shifted ■ Tax advice is given in the context of the speciifc our clients’ priorities during the past year. facts and circumstances From a quality perspective, Advisory takes a ■ Tax advice involves discussion of the wider multifaceted approach. We address clients’ evolving considerations involved, as appropriate in the expectations by focusing on quality through four lenses: circumstances, including economic, commercial quality of earnings, quality of delivery, quality of client and reputational risks and consequences arising experience and quality of people. Advisory’s Connected from the way stakeholders might view a particular Execution approach - which includes a common course of action operating model and shared set of priorities - and our implementation of and enhancements to the Advisory ■ PwC ifrms advise clients of appropriate options Quality Management Systems and Risk Processes