States, and the EU Audit Regulation of 16 April as joint ventures and joint marketing) and 2014. It contains minimum standards with which on the purchasing of goods and services PwC member ifrms have agreed to comply, including acquired in the normal course of business processes that are to be followed to maintain independence from clients, when necessary. ■ acceptance of new audit and assurance clients, and the subsequent acceptance of Each member ifrm has a designated partner (known non-assurance services for those clients as the ‘Partner Responsible for Independence’ or ‘PRI’) with appropriate seniority and standing. This In addition, there is a Network Risk partner is responsible for implementation of the PwC Management Policy governing the Global Independence Policy, including managing independence requirements related to the the related independence processes and providing rotation of key audit partners. support to the business. The partner is supported by a team of independence specialists. These policies and processes are designed to help PwC comply with relevant professional and Independence policies and practices regulatory standards of independence that apply The PwC Global Independence Policy covers the to the provision of assurance services. Policies following areas among others: and supporting guidance are reviewed and revised when changes arise, such as updates to ■ personal and ifrm independence, including laws and regulations, changes to the Code, or policies and guidance on the holding of ifnancial changes in response to operational matters. interests and other ifnancial arrangements such as bank accounts and loans by partners, staff, Each ifrm supplements the PwC Global the ifrm and its pension schemes Independence Policy as required by local regulations in cases where these requirements ■ non-audit services and fee arrangements. The are more restrictive than the global policy. policy is supported by Statements of Permitted Services (SOPS), which provide practical Independence-related systems and tools guidance on the application of the policy in As a member of the PwC network, each PwC respect of non-audit services to audit clients and member ifrm has access to a number of related entities systems and tools which support member ifrms and their personnel in executing and complying ■ business relationships, including policies and with our independence policies and procedures. guidance on joint business relationships (such
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